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Acrow Formwork and Construction Services (ASX:ACF) has record month
  • Acrow Formwork and Construction Services (ACF) has secured a record $4.4 million in new contracts for November
  • The contracts are up 69 per cent on a rolling 12-month monthly average
  • Currently, for the first five months to date, secured hire contracts are up 25 per cent on the previous corresponding period
  • ACF's November contract wins include Waterloo Station, Bruce Highway and Shenton Quarter
  • On market close, Acrow is up 5.71 per cent and is trading at 37 cents per share

Acrow Formwork and Construction Services (ACF) has secured a record $4.4 million in new contracts for November.

The contracts are up 69 per cent on a rolling 12- month monthly average and 16 per cent higher than the next highest month ever recorded.

Currently, for the first five months to date, secured hire contracts are up 25 per cent on the previous corresponding period.

ACF's November contract wins include Waterloo Station, Bruce Highway and Shenton Quarter. All three contracts are related to the company's formwork services.

Formwork is a mould for concrete structural components. It moulds the fresh concrete to certain shapes the builder wants.

At Waterloo Station, the company will be providing formwork for the underground slab construction, part of the Sydney Metro Rail project.

For the Bruce Highway Cooroy to Curra upgrade, ACF will be supplying formwork for the construction of 18 bridges. While, Shenton Quarter is the company's first West Australian formwork project, where it will supply formwork equipment.

"In my opinion, this result is an acknowledgment by the industry of Acrow’s professionalism, quality, safety, and technical expertise," CEO Steven Boland said.

"Amongst the vast range of contracts secured across the Acrow business in the previous few months, the three mentioned above all have very important medium-term strategic significance to our business, as well as delivering first-class short-term returns," he added.

"We would expect that these contracts should also generate additional sizeable revenue in the areas of labour provision and/or sale of consumables," Steven concluded.

On market close, Acrow is up 5.71 per cent and is trading at 37 cents per share.


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