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Seymour Whyte wins Bruce Highway contract, order book swells to $188M

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Seymour Whyte (ASX: SWL) has snared itself a A$24 million Queensland Government contract to upgrade a section of the Bruce Highway, between Gin Gin and Benaraby in central Queensland.

Importantly, this latest contract win increases the company’s confirmed order book for work in the current financial year to around $188 million, with a further $61 million to be carried into the 2014 financial year.

The new contract, which was awarded by the Queensland Department of Transport and Main Roads (Wide Bay/Burnett Region), involves the construction of about 3.7 kilometres of the Bruce Highway at the Back Creek Range Deviation, which starts about 24 kilometres north of Gin Gin.

Around $13 million of the contract will be completed in the current financial year with the $11 million balance to be completed in the 2014 financial year.


Strong financial performance

For the 2012 financial year, Seymour Whyte recorded a net profit of $8.8 million with revenue up 36.2% to $307.4 million.

The company declared a final dividend of $0.02 per share, taking total dividends for the year to $0.06 per share.

Seymour Whyte’s balance sheet remains strong with net assets increasing 6% to $39.7 million, including working capital of $32.9 million and net tangible asset backing of $0.507 per share.

As at 1 July 2012, the company had a total contracted forward order book of $225 million with $175 million expected to be completed in the current financial year.


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