Acrow Formwork secured PNG sales order and upgrades its FY23 guidance

Acrow Formwork and Construction Services Limited (ASX: ACF) stated that it had received an order to supply formwork and scaffold equipment to Clough Engineering recently bought by Webuild, for AU$3.7 million. The equipment will be delivered to Lombrum Naval Base on Manus Island from April to June 2023 for use in the Commonwealth Government-funded modernization project.

Updated Guidance

While the PNG sales order is not significant in and of itself, Acrow has improved its FY23 earnings outlook due to the sale, the purchase of Heinrich's screen assets, and overall trade performance. Now the company expects its EBITDA to be AU$51.5 million compared to AU$48.0 million, NPAT (Underlying) increased to AU$27.5 million - AU$28.5 million from AU$25.5 million - AU$26.5 million, and EPS (Underlying) rose to 10.6 -10.9c from 9.8 -10.2c.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com