Contract engineering group Monadelphous is in a positive position in the current market and expects its full-year revenue to be similar to last year’s total of $1.12 billion, managing director Rob Velletri said yesterday.
Speaking to shareholders at the company’s annual general meeting in Sydney yesterday, Velletri said Monodelphous remains in a strong forward position after last year’s record sales and earnings.
“With a high level of tendering activity from a broadening revenue base, the flow of work has continued at a steady pace with over $400 million in new contracts secured since June 2009,” he said.
“At this stage the company expects full year sales revenue to be similar to last financial year.”
Velletri said that the expected recovery of the commodities market gives the company reason for continued confidence.
“In more recent months a recovery in commodity markets and improving customer confidence, particularly in the bulk commodity markets of iron ore and coal, provides us with cautious optimism for the medium to long term outlook for these sectors,” he said.
“The company’s strategies in recent years to broaden our services, diversify outside traditional resources markets and focus on organic growth has placed us in a strong position to capitalise on the growth prospects across all our key market sectors.”
In the last financial year Monadelphous reported a record after tax profit of $74.2 million, up 12% on an underlying basis.