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Source: Acrow
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  • Acrow Formwork and Construction Services (ACF) continues to win hire contract in the second half of the 2021 financial year
  • The foamwork and scaffolding company successfully secured a record $21.6 million in new hire contracts, up 23 per cent on the first quarter
  • Sales of its Natform screens recorded a 61 per cent increase, achieving growth across all states
  • On market close for the day, Acrow is up 2.67 per cent and trading at 38.5 cents per share

Acrow Formwork and Construction Services (ACF) has continued to win hire contract in the second half of the 2021 financial year.

For the second half, the foamwork and scaffolding company successfully secured a record $21.6 million in new hire contracts, up 23 per cent on the preceding period and 33 per cent on this time last year.

Sales of its Natform screens recorded a 61 per cent increase, achieving growth across all states. Notably, its Queensland business reported a 150 per cent increase in contracts, with a majority of its growth in the second half of the year.

Its industrial services business, formally Industrial Scaffold, grew by 54 per cent after a successful push into NSW, South Australia and Tasmania.

CEO Steven Boland said securing hire contract wins is a key leading indicator of anticipated activity levels for the business over the medium term.

“These exceptionally strong numbers across all key divisions and all states provide the company with a high degree of confidence of achieving and potentially exceeding our FY22 targeted EBITDA growth rate of 20 per cent.”

“It is especially pleasing to see the continued tremendous growth emanating from
our Natform and Industrial Services businesses which are both key to the future of Acrow.

“Looking forward, momentum remains strong across the group with a growing pipeline of opportunities, particularly across the Australian infrastructure sector and new opportunities that we will be capitalising on as we expand our Industrial Services business nationally,” he concluded.

On market close for the day, Acrow is up 2.67 per cent and trading at 38.5 cents per share.

ACF by the numbers
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