JSE-listed Aveng’s Australasia-based subsidiary McConnell Dowell has increased its work in hand as at September 30 by 39%, to $3.5-billion (about R40-billion), after successfully securing $1.4-billion (about R16-billion) of new work.
The new work spans across the company’s diverse specialist capabilities and disciplines, with 52% of the new work being in design and construct, 34% alliance and 14% construct only, Aveng outlines.
The Australian business unit accounted for the majority of the tender wins.
Aveng says the market in New Zealand and Pacific Islands and Build Environs continues to offer opportunity, while Southeast Asia continues to be challenging as it emerges from prolonged Covid-19 restrictions.
“Global inflationary pressures continue to be a factor in developing new tender submissions and in managing our new and existing contracts.
“Our management team continues to apply a series of mitigating strategies to manage the impact of these through measures such as escalation clauses and rise and fall applicable to the contract as a whole or on agreed items,” Aveng states.
The new work brings the secured revenue for full-year 2023 to 98%.