- Acrow Formwork and Construction Services (ACF) enters a trading halt ahead of a planned capital raise
- For over 80 years, Acrow has been supplying formwork and construction services to residential, commercial, and civil and industrial customers
- It operates in four divisions — one of which recently secured $6.7 million in contract
- Acrow will remain in a trading halt until no later than Thursday, July 22, by which time the capital raise details would have been released
- Company shares last traded at 43 cents on Monday, July 19
Acrow Formwork and Construction Services (ACF) has entered a trading halt ahead of a planned capital raise.
Founded in the UK in 1936, Acrow is a formwork and construction works supplier who services major residential, commercial, and civil and industrial customers in Australia.
It operates in four different divisions including Acrow Formwork, Acrow Scaffolding, Natform Screens, and Industrial Services.
Last week, Acrow’s Industrial Services division won $4.2 million worth of maintenance shutdown contracts which are all based in New South Wales.
Between August and December this year, the company will provide industrial scaffold hire and labour services for the maintenance shutdown programs.
This followed a $2.5 million contract win with the Visy Australia – Tumut Kraft Paper Mill at the end of June.
Due to this, Acrow upgraded its target revenue for the 2022 financial year to $31 million.
The industrial stock recently celebrated a record $21.6 million in new hire contracts for the six months ending June 30, 2021. This marks a 23 per cent rise on the first half of FY21 and 34 per cent year-on-year increase.
This period of strong performance can be attributed to growth across its key divisions including the Industrial Services division reporting a 54 per cent growth and Natform Screens seeing a 61 per cent increase on the prior year.
Acrow plans on securing new opportunities across the Australian infrastructure sector and expanding its Industrial Services division nationally.
The company will remain in a trading halt until no later than Thursday, July 22, by which time the capital raise details would have been released.
Company shares last traded at 43 cents on Monday, July 19.