Duratec Limited (ASX:DUR) is up 9% at lunchtime as the company flags its expectations to record up to $315m in full year FY22 revenue.
Duratec’s lower revenue estimate sits at $305m.
The company has scored $60m of Department of Defence contracts in the first half of 2022. Most relate to refurbishment of infrastructure at RAAF sites and similar locations.
Compared to one week ago, the company’s share price is up 9.09%.
The engineering firm believes it is in a strong position to kick off FY23 with Duratec reporting an orderbook of $454m and tendered works of $462m earlier this month.
The company states this provides it with an overall pipeline of tangible opportunities to the tune of $1.62bn.
Revenue and earnings data for the full year results are subject to audit per standard procedure.
Duratec is currently working on a number of major projects as the financial year comes to a close, including:
Perth Central Park building re-cladding works
The extension of Oxley Wharf in Queensland
Western Sydney International AIrport aviation fuel works
Northern Territory RAAF Base Tindal re-fuelling facility
The company further notes demand for its works on the east coast has picked back up, as demand for works in Western Australia remains steady.
Management expects these trends to continue through FY23.
“After operating in very challenging conditions over the past two years, we are delighted by the second half performance,” Duratec managing director Phil Harcourt said.
“We will commence FY23 with a strong order book…whilst mitigating some prevailing market challenges.”
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