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Energy market 'continuing to strengthen': Valmec

21 Feb 2019 7:54 AM | Sonia Harvey (Administrator)

VALMEC reported revenue of $47.7 million for the half-year ending December with EBITDA of $3.2 million and says it has a strong order book heading into the second half of the financial year and then into 2020.

It expects total financial 2019 earnings to be higher than the previous year.  

Valmec qualified its results however, saying, "whilst strong is reflective of the delayed start to construction activity across Valmec's energy clients.  

"A significant increase in construction activity is expected in the second half if he year, underpinned by over $40 million of new contracts secured since December 2018, including the recent award of the Jemena Atlas gas pipeline project," it said.  

The Atlas project will be worth $22.1 million, renewal of long term services contracts with Origin Energy's Australia Pacific LNG export consortium is worth $15 million, and APTS testing and inspection services on the Tanami gas pipeline for MPC Kinetic was worth $4.7 million.  

Australia Gas Infrastructure Group announced the pipeline went into operation yesterday.  

Revenue from the energy construction segment was $23.1 million, while services was up over 43% from the previous corresponding period at $24.4 million.  

It has an order book of over $80 million with the company suggesting a "robust tender pipeline across new and existing clients". 

Managing director Steve Dropulich said that "with operating conditions within energy and infrastructure markets continuing to strengthen Valmec has been able to grow its longer term order book and tender pipeline". 

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