SRG books contracts worth $150m

ASX-listed SRG Global has won a series of contracts worth $150 million with new and existing clients across Australia.

During its recently released half year report for the 2024 financial year, the Subiaco-based contractor told the market it had $1.9 billion of work in hand, along with an opportunity pipeline worth $6.5 billion. Since then, the Subiaco-based company also secured a $35 million contract with BlueScope Steel, for upgrading the Port Kembla wharf in New South Wales. 

SRG told the market it had signed multiple asset integrity and reliability services contracts with the likes of NRG, Dampier Salt, NSW-based Delta Electricity and BP. These deals, which range between three and five years, have already begun.

Victoria's Department of Transport contracted SRG to provide specialist inspection works on the West Gate Bridge, located west of Melbourne's CBD, with the first phase of work expected to be finalised within three months. 

Evolution Mining engaged SRG via a three-year term contract, who has agreed to provide specialist production drill and blast services, along with providing geotechnical maintenance at the company's Cowal gold operation in NSW. 

The David Macgeorge-led company has also committed to working with Pilbara Minerals and Genesis Minerals, for infrastructure and construction work which last between four and 14 months.

Mr Macgeorge said the recent contract wins were pleasing for the company.

“Our overall company continues to go from strength to strength and is underpinned by a strong growth profile and a recurring earnings base that is moving towards 80 per cent which is in line with SRG Global’s long-term strategy," he said. 

SRG recorded a net profit after tax of $17.7 million in the first six months of the 2024 financial year, up 34 per cent from the prior corresponding period. The company also said its annual earnings before tax, interest, tax, depreciation and amortisation guidance for the 2024 financial year would be raised to $95-100 million. 

Late last year, SRG also won a spate of big contracts, worth between $90 million and $200 million. 

Shares in the company last changed hands at 81 cents per share, up 1 per cent, as of 12.28pm WST.