24 Nov

AGM Highlights and Recording

ASX:ACF Acrow Formwork and Construction Services Limited C/ - Level 5 , 126 Phillip Street Sydney NSW 2000 Acrow Formwork and Construc tion Services Limited Page 1 ASX Release 2 4 November 20 2 1 Key AGM Highlights - Continued Strong November Activity Levels and Guidance Up date Key H ighlights: • November 2021 trading activity to exceed record October month • Cooroy to Curra highway upgrade to be Acrow’s largest project in FY22, generating circa. $12m revenue • 1H FY22 EBITDA to be circa. 50% of FY22 guidance • Acrow expects to achieve and possibly exceed top end of FY22 guidance range As outlined at the Annual General Meeting (AGM) on 22 November 2021, Acrow Formwork and Construction Services Limited (ASX: ACF) (“Acrow” or “the Company”), is pleased to reiterate the following key highlights : • Trading activity continue s to strengthen, wit h November 2021 trading n ow expected to exceed the record October 2021 levels ; • Acrow now expects that the Co o roy to Curra highway upgrade project will be its largest revenue contributor in FY22, generating more than $12m over the financial year ; and • Approximately 50% of FY22 u nderl y ing EBITDA guidance to be generated in 1H FY22 . Following the continued strength in activity during 1H FY 2 2, the Board now anticipates that the Company should achieve and possibly exc e ed the top end of the FY22 guidance range provided on 4 November 2021 . T his includes : Revenue : $ 130 m - $ 135 m (up 23 % - 28% 1 ) EBITDA : $ 31.5 m - $ 32.5 m (up 30% - 34%) Underlying NPAT : $ 13. 8m - $ 14.5 m ( up 59% - 67%) EPS : 5.8 cps - 6.2c ps (up 45% - 55%) Reiterating Acrow CEO, Steven Boland’s comments in his AGM A ddress: “Acrow is a very exciting place to work at the moment and we are incredibly confident of another very strong result from the Company in FY22.” A link to the recording of the FY21 AGM can b e found here This release was approved by the Acrow Board of Directors. - ENDS - 1 v s. previous corresponding period. ASX:ACF Acrow Formwork and Construction Services Limited C/ - Level 5 , 126 Phillip Street Sydney NSW 2000 Acrow Formwork and Construc tion Services Limited Page 2 About Acrow Acrow is a leading hirer of formwork and scaffolding systems to large construction and civil infrastructure providers across Australia, operating a network of formwork and scaffolding branches in six states and employing approximately 245 people. The busin ess services a diversified customer base of approximately 1, 3 00 customers . Acrow has a high quality and versatile portfolio of assets and has identified a number of near - term growth opportunities, most particularly through the investment in capital equipm ent to take advantage of a range of opportunities in the growing East Coast civil infrastructure market, particularly in New South Wales and Victoria where the business is still underrepresented. For further information, please contact: Steven Boland Andrew Crowther Managing Director Chief Financial Officer Ph: +61 (02) 9780 6500 Ph: +61 (02) 9780 6500
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