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Monadelphous revenues boosted by new work

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AAP

2012-11-20

Engineering firm Monadelphous expects its first half sales revenue to grow by 40 per cent due to record levels of new construction work.

The company provides construction, maintenance and industrial services to companies in the resources and infrastructure sectors.

Managing Director Rob Velletri on Tuesday said it was experiencing record levels of activity as new projects are fast-tracked after recent delays.

"There has been an extraordinary surge in construction activity this financial year," he told the company's annual general meeting in Perth.

That should deliver a 40 per cent rise in sales revenue in the six months to December 31, and a 25 per cent rise in revenue in the full year to June 30, Mr Velletri said.

The forecast indicates first half revenue of about $1.2 billion, and full year revenue of about $2.4 billion.

Monadelphous made a net profit of $137.3 million in the year to June 30, 2012, up 44.5 per cent from the previous year.

Its shares were up $1.07, or 5.3 per cent, at $21.33 at 1449 AEDT.