Ann: NRW Full Year Results Presentation, page-17

https://www.theaustralian.com.au/bu...ive-coverage/c3370881d5e19eae2dc8f476fc91411b


TWO HOURS AGO

NRW falls despite record results

MEGAN NEIL
NRW Holdings shares fall more than six per cent despite the mining services provider's record annual results.
The company reports record annual revenue of $2.7bn, up 11.4 per cent, and record earnings before interest, tax, and amortisation (EBITA) of $166.3m, up 13.3 per cent, with both results consistent with its guidance. Its statutory net earnings fell to $85.6m from $90.2m the previous year.

NRW forecasts revenue in excess of $2.8bn and EBITA in the range of $175m to $185m in FY24.

“Our confident outlook for solid growth across both revenue and earnings in FY24 is driven by the record secured work of $2.7 billion. In addition, today we have $2.5 billion of FY25’s revenue already secured," CEO Jules Pemberton says.

NRW shares are down 6.4 per cent to $2.56 just before 1pm AEST.

Citi analysts say the market has been expecting an in-line result, given the strong run leading into the result underpinned by a recent string of contract awards.
The analysts believe the share price reaction to an overstatement of revenue and margin in FY22 is overdone.