Saunders (ASX:SND) boosts orderbook with new projects worth $24M

Highlights

• Saunders International has won new projects worth AU$24 million.
• The new projects from diverse sectors will contribute to the company’s revenue and earnings during FY23.
• The company is in the process of finalising five more projects valued at AU$29 million.

Multi-disciplinary engineering services provider Saunders International Ltd (ASX:SND) has started FY23 with a bang. In a major development, the company has bagged new projects worth AU$24 million across the Group.

Saunders caters to several sectors including energy, mining, defence, infrastructure, power and water, providing a wide array of services. The new project wins are from diverse sectors and validate the company’s expertise in providing innovative and cost-effective solutions as a service provider.

The new project wins include:

1. Design and construction of a new unleaded petrol tank in Queensland
2. Refurbishment of a fuel terminal tank in NSW
3. Shut down and refurbishment works of a paper mill in Victoria
4. Refurbishment works of a refinery tank in Queensland
5. Design and construction of three bridges in NSW
6. Fabrication and supply of Super T’s and precast parts in NSW
7. Design and integration of monitoring and control systems in NSW

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The revenue from these projects will contribute to the company’s earnings in FY23.

Earlier in March 2022, SND announced new infrastructure projects worth AU$17 million.

Saunders is also in the final contractual negotiations for five more projects, valued at AU$29 million. The company did not mention the detail or names of the project at this moment. Details are expected once the contracts are finalised.

Commenting on the new projects, SND Chief Executive Officer, Mr Mark Benson, said, “It is pleasing to see our record levels of tender activity being converted into new projects wins FY23. These and we expect to see this continue through projects will increase orderbook across all our diversified services.”

Saunders came into existence in 1950s, and since then, the company has been actively participating in the growth of the Australian industrial sector with its innovative and cost-effective solutions.

The company has a strong track record of delivering projects on time and without troubles, making its clients happy all the time. This is one of the reasons that the company is catering to some of its clients from its early days.

Share price movement: SND shares traded at AU$1.04 on 8 August 2022 with a market cap of AU$111.88 million.