But total group work in hand has grown by almost 70% to R52.2bn.
Shares in Aveng rose around 5% on Tuesday despite the JSE-listed construction and engineering group reporting a significant operating loss of R1.06 billion in the year ended June 2023. The group reported strong growth in total work in hand, with it increasing by almost 70% to R52.2 billion at the end of June, from R30.8 billion in the prior year.
Aveng balance sheet ‘in best shape in years’ – CEO Flanagan said McConnell Dowell remains focused to convert current tenders of AUD1.4 billion in preferred bidder status to award, with a further AUD 0.9 billion in tenders awaiting award and AUD1 billion tenders in preparation for submission. He said Moolmans growth agenda continues to be underpinned by investment in heavy mining equipment, people and systems.
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