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Seymour Whyte grows order book to A$220M with NSW road contract


Seymour Whyte (ASX: SWL) has secured a A$45.2 million contract to upgrade the Great Western Highway at Bullaburra in New South Wales.

The company’s confirmed order book for the 2013 financial year now stands at about $220 million with $107 million to be carried into the 2014 financial year and beyond.

The contract is for the upgrade of the Great Western Highway from Ridge Street, Lawson to 400 metres west of Genevieve Road, Bullaburra.

The works consist of the upgrading and widening of about 1.6 kilometres of the highway and includes earthworks, storm water drainage, subsurface drainage, pavement, retaining walls, reinforced soil wall, pedestrian bridge upgrade, footpath/cycleway, pavement marking, signposting, traffic management, utility relocations, property adjustments and ancillary works.

Work is expected to begin in December 2012 and be completed in March 2015.

This is the third contract Seymour Whyte has been awarded this financial year after securing the $24 million contract for the upgrade of a section of the Bruce Highway in Queensland and the $59 million (50/50 joint venture) contract to upgrade a section of the Warrego Highway in Queensland.

Importantly, Seymour Whyte has a clear strategic plan to expand its operations in new markets, with the Bullaburra contract providing an opportunity to enhance the company’s work book for the 2014 financial year and beyond.

For the 2012 financial year Seymour Whyte recorded a net profit of $8.8 million with total 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 cents 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 30 June 2012.

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