Agreat forward looking summary.
Outlook.
Over the medium term, the civil and commercial construction sectors that we serve expect significant growth over the next five to ten years. Some of these projects include Victoria’s ‘big build’ which includes the North East Link tunnels to support Melbourne’s freeway network, on which Acrow has secured further contracts, and the 90km suburban rail loop. In South Australia, the 10km Torrens to Darlington project is valued at $15.4 billion. In New South Wales, Acrow has received its first contract for the Aerotropolis station valued at $1 million and continues activity on Sydney Metro West.The Coomera Connector represents a potential source of revenue similar to the Bruce Highway project for Acrow in Queensland. Hospital upgrades more than $8 billion are to be awarded, as well as work on Brisbane Olympics 2032 venues with a total value over $3 billion. Three months into the new year, our total formwork hire pipeline exceeds $200 million and is the strongest we have seen. We also expect to benefit from the design and delivery of proprietary new equipment for the Australian formwork market.While there has been some uncertainty around the Australian economy, we are serving large and growing markets. The industrial services business we are building provide high certainty of revenue, strong annuity earnings and blue-chip clients. We are focused on increasing its national strength through organic growth and potentially acquisitions, encouraged by better than expected performance from the MI Scaffold and Benchmark Scaffolding businesses which have extended our capabilities to new markets. We believe we are on a trajectory which can deliver exceptional growth.Looking ahead, we anticipate that revenue will increase in the vicinity of 20% above the FY24 result and EBITDA will experience double digit growth. This is based on record secured hire contract wins of $78.3 million, a record pipeline, full year contributions from the MI Scaffold and Benchmark Scaffold acquisitions and returns from the Group’s capital expenditure programs.We have a clear growth strategy and believe that with our outstanding products, engineering skills, professional culture and national network, Acrow is well positioned to exploit its leading position and participation in major projects across Australia. In closing, I would like to thank our every one of our employees for their hard work and dedication in providing our clients with competitive, leading services.
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