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New orders support Aveng’s recovery plan
New orders support Aveng’s recovery plan. McConnell Dowell has won a number of contracts in Australia and the Far East and says there's further potential.
Aveng has won contracts worth R3.8 billion through Australian subsidiary McConnell Dowell which it says show good progress in its Strategic Action Plan to turn the group around.
The contracts in Australia, New Zealand, Singapore and Thailand have lifted McConnell Dowell's order book to R8.7 billion. It says it has a further potential A$1 billion of work in Early Client Involvement process.
Aveng says a key priority in its plan is to improve its operational performance, deliver growth and unlock value from core assets. The plan was outlined earlier this year following a strategic review of its operations as a precursor to a capital restructuring to help it deal with unsustainable debt repayments. McConnell Dowell and local subsidiary Moolmans were singled out as key operating businesses as it sells off non-core assets. Last month, it announced the sale of Aveng Rail for R133 million to Matupha Capital.
McConnell Dowell is a specialist infrastructure contractor offering engineering and construction solutions to the infrastructure, building and resource sectors across Australia, New Zealand and the Pacific, Southeast Asia and the Middle East. Aveng said all four of its business units had recently secured new projects.
These contract awards provide a good start to the new financial year and reflect McConnell Dowell's improved operational state and diversified market offerings," Aveng said. "Moreover, the market sectors serviced by McConnell Dowell are expected to offer further growth opportunities with the continued roll-out of large- and medium-sized projects across its operating footprint."
Aveng's shares closed unchanged at 5c on Friday.
Aveng reported that its Australian subsidiary McConnell Dowell had secured recent contracts worth a combined R3.8-billion, boosting the business' overall order book to R8.7-billion.
-- Ronnie S Siphika (@RonnieSiphika1) November 4, 2018
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By INCE|Connect NewsNew orders support Aveng’s recovery plan. McConnell Dowell has won a number of contracts in Australia and the Far East and says there's further potential.
Aveng has won contracts worth R3.8 billion through Australian subsidiary McConnell Dowell which it says show good progress in its Strategic Action Plan to turn the group around.
The contracts in Australia, New Zealand, Singapore and Thailand have lifted McConnell Dowell's order book to R8.7 billion. It says it has a further potential A$1 billion of work in Early Client Involvement process.
Aveng says a key priority in its plan is to improve its operational performance, deliver growth and unlock value from core assets. The plan was outlined earlier this year following a strategic review of its operations as a precursor to a capital restructuring to help it deal with unsustainable debt repayments. McConnell Dowell and local subsidiary Moolmans were singled out as key operating businesses as it sells off non-core assets. Last month, it announced the sale of Aveng Rail for R133 million to Matupha Capital.
McConnell Dowell is a specialist infrastructure contractor offering engineering and construction solutions to the infrastructure, building and resource sectors across Australia, New Zealand and the Pacific, Southeast Asia and the Middle East. Aveng said all four of its business units had recently secured new projects.
These contract awards provide a good start to the new financial year and reflect McConnell Dowell's improved operational state and diversified market offerings," Aveng said. "Moreover, the market sectors serviced by McConnell Dowell are expected to offer further growth opportunities with the continued roll-out of large- and medium-sized projects across its operating footprint."
Aveng's shares closed unchanged at 5c on Friday.
Aveng reported that its Australian subsidiary McConnell Dowell had secured recent contracts worth a combined R3.8-billion, boosting the business' overall order book to R8.7-billion.
-- Ronnie S Siphika (@RonnieSiphika1) November 4, 2018