NRW secures $2.3b of FY22 revenue

Mining contractor strengthens position

Recent contract wins have firmed NRW Holdings’ conviction in its FY22 guidance, which put forecast revenue at A$2.4-2.5 billion and earnings at $145-155 million. CEO Jules Pemberton said at the company’s annual general meeting “order cover for the current financial year … is now above $2.3 billion”.

That compares with circa-$2 billion in August when NRW announced its FY21 results.

Pemberton said the A$290 million Covalent Lithium concentrator engineering, procurement and construction (EPC) contract in Western Australia, $40m Core Lithium EPC in the Northern Territory, $150m Kogan Creek coal mine extension in Queensland, and $110m extension of the Phosphate Hill mining contract in Queensland meant earlier projections were now locked.

He said he hoped to be in a position to “improve our full-year earnings guidance when we announce our half-year results” if the current momentum continued.

NRW shares are down more than 41% since the start of 2021, at $1.74, capitalising the company at $779 million.


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