Shares in Monadelphous Group Limited (ASX:MND) gained yesterday after forecasting new construction work contracts are set to boost its revenue.
The engineering and construction company expects revenue to increase by 40 per cent in the first half of the current financial year and to increase by 25 per cent over the full 2013 financial year.
Speaking at the company’s annual general meeting yesterday Managing Director Rob Velletri told shareholders there has been an extraordinary surge in construction activity this financial year.
Monadelphous Group has already had $775 million of new work awarded for the current financial year from clients including global mining companies, BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited (ASX:RIO).
Shares in Monadelphous Group gained 6 per cent on Tuesday to close at $21.50.
Monadelphous Group’s net profit jumped 44 per cent to $137 million in the 2012 financial year.
MND Price at posting:
$21.50 Sentiment: None Disclosure: Held
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