Global Construction Services Shares Uplifted After Securing A Four-Year Contract By Woodside Energy Ltd

On 3 October 2018, Global Construction Services Limited (ASX: GCS) announced that it has secured a four-year contract by Woodside Energy Ltd as operator of the North West Shelf gas. Following this news, the share price of the company uplifted by 4.167 percent as on 3 October 2018.

The main tasks under this contract include the supply, maintenance, transport, storage and handling of the scaffold and access equipment for all offshore and onshore locations of the Project, as well as for the provision of such services across other Woodside-operated locations onshore and offshore.

Recently, the company also secured an $11.5 million concrete structure contract for the Goulburn Valley Health redevelopment in Shepparton, Victoria as announced on 1 October 2018. This is the second hospital development contract to be given to SRG Global in the past three months which indicates the confidence customers such as Lendlease Place are having in the company’s ability to deliver on these significant projects.     

In FY 2018, the company revenue increased by 33% to $247.5 million compared to last year. The revenue of the company grew primarily due to Gallery Facades and GCS Summit which were both acquired in FY17 and therefore delivered a full year revenue contribution during FY18 comparatively. The earning per share (EPS) of the company increased by 18.5% to 6.4 cents from the previous year’s 5.4 cents. The group EBITDA of the company increased by 6.9% to $24.2 million in FY 2018. As at 30 June 2018, the company was having a net cash of $35 million which was only $3.8 million in the previous year. Due to a $28.3 million cash inflow arising on the divestment of the GCS Hire business asset, the company generated $23.8 million of net cash inflows from investing activities.

GCS’s share traded at $0.750 with a market capitalization of $317.1 million as on 3 October 2018 (AEST 4:00 PM).

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