ASX-listed GR Engineering Services has wrapped up a A$100 million institutional share placement to bolster its balance sheet to handle a bumper project backlog and potential acquisitions. It is the company’s first equity raise since 2010.
“We are pleased with the strong support we received for the placement from our existing and new institutional shareholders,” managing director Tony Patrizi said.
“This funding will strengthen the balance sheet and ensure that the group is well-positioned to deliver on the contracted and near-term pipeline of work.”
GR Engineering said earlier this month it had been awarded more than $1 billion in new contracts since the start of April, increasing contracted and near-term pipeline of work for FY27 and FY28. It said it was well positioned to benefit from “strong market sentiment, which is driving a boom in expansion projects and greenfield development projects across a broad range of commodities”.
The company is guiding for FY27 revenue in the range of $825-850 million, well up on FY26 revenue of $493 million, with more than 60% of this year’s income to be generated from commodities other than gold. It has secured significant recent copper, iron ore and gold work.
GR Engineering had $87.9 million cash and no external debt at June 30 this year after paying out $40.5 million in FY26 dividends.
