Perenti has launched a new technology-focused mining services business while reporting a 22 per cent jump in contracted work.
Perenti has launched a new technology-focused mining services business while reporting a 22 per cent jump in contracted work.
The new business, called idoba, will offer digital product and technology services to the mining and resources sectors and be led by chief executive Sarah Coleman – a past Business News 40under40 award winner.
Ms Coleman is the co-founder of Perth-based consultancy Improvement Resources, acquired by Perenti in July last year.
Perenti also purchased tech services companies Sandpit Innovation and Optika Solutions around that time.
The combined cost of the acquisitions was about $13 million.
Perenti expects idoba will add value to its overall service offering, which includes surface and underground mining.
Managing director Mark Norwell said the new business would also help Perenti respond to the evolving needs of its clients.
“When looking to the future of the mining industry, it is evident that innovation and technology will play a much greater role in the way we do business and ultimately how we continue to generate value for all our stakeholders,” he said.
“We are also very happy to announce that we continue to focus on strategic growth in top tier mining jurisdictions and that both our work in hand and tender pipeline have significantly expanded year on year.”
Perenti’s work in hand position has grown from $5.4 billion to $6.6 billion in the year to June 30.
Its tender pipeline has increased from $8.8 billion to $11 billion.
Meanwhile, the company’s liquidity position has dropped from around $600 million to $570 million – comprising $266 million in cash and $303 million in undrawn revolving credit facilities.
Its net debt stood at $502 million, a 10 per cent improvement on FY20.
Perenti is due to report its audited financial results on August 24.
Its shares were up nearly 5 per cent at 11:23am AEST to trade at 96 cents.
