Monadelphous Earnings: Sharp Increase in New and Extended Contracts Awarded

Australian engineering construction and maintenance & industrial services provider no-moat Monadelphous reported strong demand for maintenance services in resources and energy, and increasing expenditure related to decarbonization. The company secured more than AUD 1.8 billion of new and extended contracts over the 2024 fiscal first half, nearly double the previous corresponding period. This accords with our expectation for strengthening group revenue in the near to midterm.