Key points
- Revenue $1.65 billion, up 15.8% on HY24
- EBITDA $188.8 million, up 20.1% on HY24
- Strong order book of $6.8 billion, including repeat business and preferred tenders
Full summary
NRW Holdings Ltd reported a strong set of financial results for the first half of FY25. Revenue increased by 15.8% to $1.65 billion, driven by growth in the Civil and Minerals, Energy & Technology (MET) segments. EBITDA grew by 20.1% to $188.8 million, while EBITA increased by 5.3% to $96.9 million. The company's order book remained robust at $6.8 billion, including repeat business and preferred tenders, and the pipeline of active tenders stood at $6.2 billion out of a total pipeline of $15.1 billion. The Civil segment performed well, with revenue up 40.6% and EBIT margin improving to 5.1%. The Mining segment saw revenue growth of 4.3%, but EBIT margin declined to 7.9% due to higher rainfall, project terminations, and increased maintenance costs. The MET segment improved profitability, with EBIT margin increasing to 6.0%. The company's balance sheet remains strong, with cash holdings of $284.4 million and a gearing ratio of 23.9% (16.0% excluding leases). NRW also declared a fully franked interim dividend of 7.0 cents per share, up 7.7% on the prior comparative period.
Guidance
FY25 full-year revenue is expected to increase to $3.2 billion to $3.3 billion, and earnings (EBITA) is expected to be between $205 million to $215 million. Cash conversion and gearing are expected to be consistent with long-term averages.
Outlook
The company's total Group pipeline remains strong at $15.1 billion, with current active tenders of $6.2 billion. The $6.8 billion order book, including repeat business and preferred tenders, is expected to deliver further growth into FY26.