Macmahon Holdings has maintained a $7 billion tender pipeline regardless of a slower first half of the 2021 fiscal yr.
The interval noticed the consequences of COVID-19 and a change in accounting therapies on the Batu Hijau copper-gold undertaking in Indonesia.
This restricted Macmahon’s income elevating prospects, however firm chief government Michael Finnegan was assured of the place it left them in.
Of the $7 billion tender pipeline, $three billion pertains to new shoppers, whereas $1.2 billion is in underground work.
Macmahon was appointed as most popular contractor for the Foxleigh coal undertaking in Queensland, the Bellevue gold operation in Western Australia and the Warrawoona gold undertaking, additionally in Western Australia.
Moreover, Macmahon was also awarded the contract for the Deflector extension in Western Australia.
The outcomes come amid the peak of COVID-19, which happy Finnegan.
“Macmahon has produced a stable first half consequence and I’m happy the enterprise has continued to ship development in earnings and margins, regardless of COVID-19 disruptions and forex headwinds,” he mentioned.
Underlying earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) was up 6 per cent to $121.2 million in the course of the second half of final yr, in contrast with the prior corresponding interval.
“The primary half was a consolidation interval, however an necessary one for the enterprise with continued development of the underground division,” Finnegan mentioned.
“The useful resource sector outlook is strong pushed by excessive commodity costs and supportive capital markets. Because of this, we’ve seen many purchasers advance their tasks into the tender stage.”
Finnegan attributes his firm’s development to its breadth of providers.
“We’ll leverage off our aggressive benefit of with the ability to service each floor and underground mining concurrently. This shall be supported by our continued funding in individuals, mining expertise and ongoing digital transformation,” he mentioned.
“Our focus shall be on changing extra alternatives to drive development into (the 2022 fiscal yr) and past.”
Macmahon shares are at $0.245, up 65 per cent since its COVID-19 lows in March 2020.