Smart integrated construction systems provider Acrow Limited (ASX: ACF) has achieved a record level of secured hire contract wins and sales pipeline growth for the month of June and full year 2024.
In June, Acrow secured a record $12.3 million in new hire contracts, marking another significant milestone. Secured hire contracts for the full year totalled $78.3 million, reflecting a 17% increase over the previous financial year.
The highlight for the month was securing the largest screens order in Acrow’s history. Royal Formwork, contracting for Meriton projects, placed a $2.5 million order for its Premium Screens system.
For FY24, the sales pipeline also finished at a record $189 million, growing 33% on the previous financial year. Substantial contributors to the outcome came from increased tenders for the industrial scaffold and Jumpform products.
The new financial year has also commenced with a sizeable contract uplift in the Industrial Services division.
CEO, Steven Boland said the company’s contract with Kent at the Ampol Refinery in Brisbane, has benefitted from a revised scope and duration of the works. Consequently, the expected revenue for this project in FY25 will climb from an initial estimate of $5 million to a minimum of $13 million. This increase includes the provision of both equipment hire and labour services.
“It was very encouraging to finish the year with a record month and year for secured hire contracts and a record pipeline, and to start the new year with the revised Ampol contract. This positions Acrow well for another year of growth,” Mr Boland said.
