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Highlights

  • Duratec is an ASX-listed company which offers refurbishment, remediation, protection and assessment services to assets
  • In FY24, DUR’s revenue increased by 13% YoY to AUD 555.8 million, driven by 79.4% growth in mining and industrial sector
  • Ertech Holdings Pty. Ltd. has the highest stake in firm with a shareholding od around 19.60%

Duratec Limited (ASX: DUR) is an Australia-based construction and engineering company that offers refurbishment, remediation, protection, and assessment services for a wide range of infrastructure and assets.

In the financial year 2023 (FY23), DUR achieved 58.6% YoY growth in its revenue to AUD 491.80 million, 158.5% YoY rise in EBITDA to AUD 35.96 million and 147.4% YoY jump in net income to AUD 19.20 million.

Whereas in FY24, DUR’s revenue from ordinary activities surged by 13% YoY to AUD 555.8 million, driven by 79.4% growth in mining and industrial sector. The mining and industrial sector showed improvement due to the BHP Berth C&D Remediation and multiple structural integrity upgrades at Rio Tinto sites.

During the reported period, DUR’s normalised EBITDA recorded a rise of 22.6% YoY to AUD 47.6 million and net profit after tax surged by 11.6% YoY to AUD 21.4 million. Meanwhile, order book of DUR reached AUD 405 million in FY24, with tenders reaching AUD 1.4 billion and the pipeline of work standing at AUD 3.8 billion. This growth was supported by major projects in the mining and industrial sector, reflecting promising prospects for the organisation as it continues to pursue and secure large-scale opportunities.   

Top 10 Shareholders of DUR

The top 10 shareholders of DUR hold approximately 54.80% of the company's shares. Ertech Holdings Pty. Ltd. and Christopher John Oates have the highest stakes, with shareholdings of nearly 19.60% and 9.64%, respectively.

Outlook

In FY25, revenue growth is anticipated as the work pipeline aligns with the growth objective of DUR. Additional growth is expected in FY26 and beyond, supported by several key contracts which are likely to be secured in coming years.

Large projects, including Tindal, Coonawarra, WSA and Berth C&D are expected to continue in FY25 in the water, transport and marine infrastructure segment.

Share performance of DUR

DUR shares closed 8.33% higher at AUD 1.30 apiece on 28 August 2024. In the last one year, DUR’s share price has decreased by 2.99% and in the last three months, share price has jumped 26.83%.

52-week high of DUR is AUD 1.72, recorded on 8 January 2024 and 52-week low is AUD 0.96, recorded on 26 April 2024.

DUR Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 24 July 2024. The reference data in this report has been partly sourced from EODHD/Others.