NRW set for $3bn of FY24 work

Belmont-based NRW Holdings has reported record results in the 2022-23 financial year and secured $100 million worth of work above expectations for FY24.

The contractor held its annual general meeting today, releasing its updated FY23 results on the ASX.

NRW recorded $2.7 billion in revenue in FY23, a growth of 11.4 per cent compared to the previous period, and $166.3 million in earnings before interest and taxes.

The company ended the year with $227.6 milllion cash and started the year with an order book of $5.9 billion, the highest value secured, according to the company’s AGM presentation.

During the company's presentation of full-year results in August, NRW reported that $2.7 billion worth of work was secured for FY24 and $2.5 billion worth of work secured for FY25.

NRW chief executive and managing director Jules Pemberton said NRW had secured $2.9 billion of work for FY24, $100 million higher than the stated guidance at the full-year results in August.

“In addition, we have $3 billion of revenue secured for FY25 and beyond,” he said at the AGM.

"We expect our revenue for the year will exceed $2.9 billion and are confident that the EBIT for FY24 will be at the high end of the guidance range of $175 million to $185 million."

Mr Pemberton said FY23 was a record year of performance on every metric.

“FY23 brought about distinct challenges, including severe weather conditions in Queensland, client-initiated project delays and industry-wide issues like cost inflation and shortages in skilled labour,” he said.

“Despite the external challenges that impacted the business in the first half of the year, we recovered strongly in the second half to deliver exceptional results.

“I am delighted to present to you NRW’s FY23 results, which are the best set of results in our nearly thirty-year history.”