NRW revenue hits $2bn

NRW Holdings has more than doubled its revenue in the past financial year on the back of several major acquisitions and contract wins.

Those results, published today as part of the company's full-year results, showed the Belmont-based holdings company recording revenue of $2.1 billion, a substantial increase on last year’s figure of $1.1 billion.

That was on top of a robust balance sheet, which showed the company more than doubling its cash to $170 million and increasing the value of its assets to $472 million.

It comes as NRW has pursued an aggressive growth strategy in recent years, having acquired BGC Contracting in November of last year for $116 million in cash.

That acquisition helped boost the value of NRW’s contract portfolio to about $4 billion.

NRW also increased the value of its contract portfolio through significant contract wins, notably as part of the consortium named preferred proponent to complete the $852 million Bunbury Outer Ring Road project.

That consortium, of which NRW is a 40 per cent partner, features Spanish-owned ACCIONA, ASX-listed MACA, and private contractors AECOM and Aurecon.

The contract is expected to be awarded in September.

NRW chief executive and managing director Jules Pemberton cited contributions from across the business as instrumental to the strong results, with the final figures demonstrating the company’s ability to deliver work profitably.

“Despite the enormous challenges presented by the COVID-19 pandemic our amazing people … continued to support the changing business requirements and [sic] working incredibly hard to help achieve another year of very strong growth,” Mr Pemberton said.

“The results are also good because we have acquired great businesses which have returned the investment made in those businesses in record time.”

NRW will now pay a final dividend of $0.04/share fully franked on October 14.

Shares in NRW were trading at $2.09 as of 2pm AEST.