https://thewest.com.au/business/mining/nrw-holdings-brings-back-d...

https://thewest.com.au/business/mining/nrw-holdings-brings-back-dividends-as-profit-up-48-per-cent-ng-b88937579z

NRW Holdings brings back dividends as profit up 48 per cent
Peter WilliamsThe West Australian
Thursday, 23 August 2018 11:33AM

NRW Holdings managing director Jules Pemberton.Picture: Robert Duncan/The West Australian

“Mining and civil contractor NRW Holdings will pay a dividend for the first time in four years after reporting a 48 per cent annual profit boost to $42 million.

The result came on the back of NRW doubling revenue to $754 million.

The company will pay a dividend of 2¢ a share, its first since 2014. It suspended dividends during the mining downturn and because of a financially damaging contract dispute.


While recovering strongly last year, NRW elected not to pay a dividend because of the $85 million acquisition of Queensland mining contractor Golding.

NRW’s shares were up 12.5¢, or 7 per cent, to $1.825 at 12pm.

Managing director Jules Pemberton said $31 million debt had been repaid during the financial year.

“We have worked hard over recent years to strengthen the balance sheet and remain committed to ensuring our debt levels can be fully sustained by operations.” Mr Pemberton said.

NRW is tipping revenue growth of 40 per cent this financial year to about $1.1 billion.

Mr Pemberton said Golding had secured new contracts and contract extensions which would underpin activity in the coming years.

“This exceptional result together with the awards in the WA mining business and the recently announced contract for (BHP iron ore project) South Flank have contributed to a record order book of $2.2 billion,” he said.”