Leading engineering and construction company SRG Global (ASX: SRG) has added another major project to their pipeline having been awarded a $90 million contract from the New South Wales (NSW) Government for a major roads upgrade in Southern NSW.
The contract, awarded by Transport for NSW (TfNSW), pertains to the construction of an upgraded intersection at Falls Creek, located just south of Nowra. The project’s focal point is the enhancement of the Princes Highway and Jervis Bay Road intersection, which will undergo a transformation into a grade-separated interchange with a bridge spanning over Jervis Bay Road. The bridge will connect to roundabouts on either side of the highway, while the Princes Highway itself will be expanded to accommodate two lanes in each direction.
The ambitious project is expected to commence immediately, subject to weather conditions, and aims to conclude by 2026.
Managing Director of SRG Global, David Macgeorge expressed his enthusiasm over the win.
“We are excited to secure a further integrated road and bridge project for Transport for NSW following the successful recent delivery of one of the largest balanced cantilever bridges in the southern hemisphere at Bolivia Hill, NSW,” said Macgeorge.
“This award is an outcome of our proven ability to target any major road and bridge projects in Australia, through now having the highest national road and bridge accreditation (R5/B4).”
The successful completion of projects like the Bolivia Hill cantilever bridge project underscores SRG Global’s recognised speciality in the realm of infrastructure development. The newly acquired contract further cements their position as market leaders for complex road and bridge projects in Australia.
“The Jervis Bay Road and Princess Highway Intersection Upgrade contract reaffirms SRG Global’s market-leading position for the delivery of complex road and bridge projects, and we look forward to working with TfNSW to deliver a safer Princes Highway with projects that include new and improved roads and bridges as part of the Australian and NSW Government’s significant investment in transport infrastructure to meet the needs of regional communities,” added Macgeorge.
SRG Global’s track record of delivering high-profile infrastructure projects has made them a trusted partner for government agencies in their mission to enhance transportation networks and support regional communities. The TfNSW contract win comes just one week after SRG was awarded a NZD $130 million contract from Transpower New Zealand for work on their Transpower National Grid high voltage tower network.
In FY23, SRG Global reported a 26% increase in revenue to $809 million with $80.1 million in underlying EBITDA, a 40% increase on the previous year. The Company declared a fully-franked final dividend of 2 cents per share.
As of 30 June 2023, SRG Global had a Work in Hand pipeline of $1.9 billion, up 46% from the previous year.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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