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GenusPlus Group (ASX:GNP) - Chairman, Simon High
Chairman, Simon High
Source: Business News
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  • Power and communications infrastructure provider GenusPlus Group (GNP) secures a three-year work contract with Telstra (TLS)
  • The supply agreement is for Telstra’s Copper Cable Recovery and Disposal program with work across Australia set to start immediately
  • Genus says the work is expected to deliver around $40 million over the term of the agreement
  • This new contract falls under an existing Telstra supply agreement and includes two optional one-year extensions
  • Shares have been trading 0.8 per cent higher at $1.26 each

Power and communications infrastructure provider GenusPlus Group (GNP) has secured a three-year work contract with Telstra (TLS).

Genus provides an integrated service offering to its customers in the resources, power, utilities and communications sectors across Australia.

Through its subsidiaries, the company has executed a supply agreement for Telstra’s Copper Cable Recovery and Disposal program.

This new contract falls under an existing supply agreement with Telstra and includes two optional one-year extensions.

Genus said the work provides an opportunity to deliver around $40 million over the term of the agreement.

The cable recovery program will see the removal of underground cables as part of the Telstra exchange decommissioning program, and includes the hauling, installation, termination, testing, recovery and recycling of the Telstra copper cable network.

This work will be carried out across Australia and is set to start immediately.

According to Genus, the contract increases its national communications services footprint and “delivers increased works resulting from the communications acquisition announced in July 2021”.

“It is very satisfying for the GenusPlus group to see the new Communications team be rewarded with a long-term Telstra contract to deliver the Copper Cable Recovery and Disposal program,” Managing Director David Riches said.

“We look forward to further growing our relationship with Telstra on this significant project.”

Shares were trading 0.8 per cent higher at $1.26 at 3:32pm AEDT.

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