- Mining services group Perenti (PRN) has generated a record $2 billion in full-year revenue for the first time in its history
- The company recorded $2.04 billion in revenue, an improvement of 3.8 per cent against last year’s result
- Alongside the strong results, the company announced a fully franked dividend of 3.5 cents per share, bringing the full-year dividend to seven cents
- Looking forward, Perenti currently has $5.4 billion of work in hand and is currently negotiating a further $2 billion in contract rollovers
- Perenti closed 2.58 per cent in the green for $1.20 per share
Mining services group Perenti (PRN) has generated a record $2 billion in full-year revenue for the first time in its history.
In its 2020 full-year finical report, the Perth-based company recorded $2.04 billion in revenue, an improvement of 3.8 per cent against last year’s result.
Similarly, Perenti posted a record full-year underlying earnings before tax interest depreciation and amortisation of $443.8 million, up 6.8 per cent year-on-year.
Shareholders will be also pleased to see a fully franked dividend of 3.5 cents per share announced, bringing the full-year dividend to seven cents.
Alongside the pleasing results, Perenti has $8.8 billion in order backlogs through its tender pipeline. The company’s pipeline includes $5.4 billion of work in hand and it is currently negotiating a further $2 billion in contract rollovers from existing clients.
The miner also improved its liquidity position during the year, which now sits at $600 million in cash and undrawn credit. The company hopes the excess liquidity will help it to weather any further challenges during the ongoing COVID-19 pandemic.
Managing Director and CEO of Perenti, Mark Norwell said the company had managed to successfully navigate turbulent year.
“To report record revenue and earnings, end the year in a stronger financial position than 12 months ago and maintain a substantial order book is impressive, but to do so in the midst of the operational and economic challenges presented by COVID-19 is exceptional,” he said.
“Importantly, we continued to look to the future by investing in the business and our people. The results and achievements reflect the dedication of our high calibre team and the strength of our operating discipline and I would like to thank our employees and their families for their support,” he added.
Perenti closed 2.58 per cent in the green for $1.20 per share