I thought I’d pick some bits out of the announcement that caught my eye …
Jules in the Presentation:
Over the period we have extended a number of our long-term contracts, extracting additional value from the secured order book and have secured a number of new strategic contracts.
We have maintained a very disciplined approach to bidding new work, which has meant that we have at times not won projects that we were well positioned to secure. Whilst disappointing to come second to a competitor, our people know the criticality of pricing our bids responsibly in line with current market conditions.
I *like* these comments !
Then from the report (above)
…FINANCIAL PERFORMANCE ..
….Operating EBIT is $80.1 million, 7.4% higher than the pcp ($74.6 million), resulting from the higher revenue.Profitability was however impacted by the La Niña weather pattern in Queensland. In addition, higher overheads were incurred through extended tendering activity from delayed new awards, longer tender cycles, as well as investment in building capacity in Primero’s North American delivery capability to support growing client demand in Canada and the USA.
- Delayed new awards sounds very positive for second half ?
And building capacity for the US AND Canada!
Weather :/ - a fact of life
Further in;
Maintaining a positive (and yet not Pollyanna?) view …
That Gascoyne writedown of $17.5m is rough, although if that project comes good, considering our 8%+ ownership, we’ll get it back ?
But I didn’t like the inferences last year that the Dalgaranga and Boggabri equipment had been immediately redeployed and the comment here that it has not yet been redeployed … perhaps I missinferred…..
The Dalgaranga and Isaac Plains mining assets will be deployed to recently awarded contracts or near- term future opportunities in the mining pipeline.
During the calendar year 2022, extensions were secured at Kogan Creek, Curragh, Broadlea, Baralaba, Iron knob (Middleback Ranges) and a new contract at Jellinbah mine was secured. The drill and blast business also secured a new five-year drilling contract with Stanmore Resources at its South Walker Creek mine and a new seven-year contract at Greenbushes.…
Some tenders were lost due to our disciplined approach to responsible pricing.- As said that one pleases me, there are plenty more jobs coming up according to many analysts.
And Seven Group said the labour shortages will lessen too,
Saying this,
NRW has a workforce of around 6,500 people supporting projects around Australia for clients across the resources, infrastructure, industrial engineering, maintenance and urban subdivision sectors.I thought there would be more.
It’s a poaching environment with these human resources shortages :/
FWIW here I read last night that a key ‘founding’ member of Primero, the CFO, Ryan McFarlane is departing .. apparently head hunted.(https://www.facebook.com/primeroengineering/)
And that’s as far as I’ve got with my albeit slightly Pollyanna perspectives ..
I’m looking forward to others’ comments
cheers
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