Total
0
Shares
Duratec (ASX:DUR) - Managing Director, Phil Harcourt
Managing Director, Phil Harcourt
Source: Duratec
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Duratec (DUR) says it’s expecting strong growth in FY22 following recent multi-million dollar contracts and pending work
  • Most recently, its joint venture with Ertech, DEJV, has been awarded a $53 million contract to design and construct a wharf
  • Separately, Duratec says it has secured $32 million in defence works over the past few months, boosting its defence-focused order book to $110 million
  • It also has $200 million in defence tenders submitted and awaiting decisions
  • Shares are trading 11.6 per cent higher at 48 cents at 3:06pm AEST

Duratec and JV partner Ertech have secured a $53 million contract to design and construct a wharf.

Duratec, an Australian engineering, construction and remediation contractor, along with civil construction business Ertech Group, formed a joint venture partnership (DEJV) in 2019.

Initial works are already under way for this most recent contract and the project is due for completion in September 2023.

In regards to the partnership, Duratec’s Managing Director Phil Harcourt said both companies had individual strengths in large-scale maritime construction, but the JV could leverage corporate and cultural synergies for clients.

Separately, Duratec announced it has been awarded $32 million in defence works projects over recent months, which it said has boosted its current defence-focused order book to $110 million, bringing the total order book to $230 million.

Defence projects continue to be a focus for Duratec, with $200 million in defence tenders submitted and awaiting decisions and $1 billion in “tangible” opportunities.

With the amount of work available, Phil Harcourt said the company is confident of strong growth in the defence sector in financial year 22.

“In addition, we are confident of ongoing growth in our other key sectors including mining and industrial, buildings and facades, ports and transport, with total tendered works of $635 million across the group and a $2.2 billion pipeline of opportunities in our sights.”

Shares were trading 11.6 per cent higher at 48 cents at 2:06pm AEST.

DUR by the numbers
More From The Market Herald
Kleos Space (ASX:KSS) - CEO, Andrew Bowyer

" Kleos Space (ASX:KSS) to build and launch Observer Mission

Kleos Space (KSS) has signed new contracts with satellite builder Innovative Solutions in Space (ISISPACE) and global launch services provider, Spaceflight.
Amaero International (ASX:3DA) - CEO, Barrie Finnin

" Amaero International (ASX:3DA) to make rocket motor parts for Gilmour Space

Amaero International (3DA) has secured a heads of agreement (HoA) with Gilmour Space Technologies.

" DGL Group (ASX:DGL) to buy Shackell for $8.9m

Specialist chemicals business DGL Group (DGL) has agreed to purchase Shackell Transport for $8.9 million.

" CIM propose $840M 2019 profits with digital shift

CIMIC Group Executive Chairman expects a 2019 performance of $790m  million $840 million.