Monadelphous Engineers a Solid Result
December half year earnings for engineering contractor Monadelphous rose more than 17% despite increased margins pressure from continuing labour shortages in the WA resource sector.
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Monadelphous is a leading Australian engineering group providing construction, maintenance and industrial services to the resources, energy and infrastructure sectors. We are involved in some of Australia’s biggest and most complex projects and facilities, reflecting our position as a leader in our chosen markets.
Monadelphous’ success and sustained growth are built on a reputation of producing solid, quality work, maintaining a clear customer focus and providing safe, reliable, innovative and cost-effective service solutions.
Monadelphous employ approximately 6000 people, with major offices in Perth, Western Australia, and Brisbane, Queensland, supporting our operations in projects, facilities and workshops spread across Australia and in neighbouring countries including Papua New Guinea and China.
Monadelphous Group (ASX:MND) is limited by shares listed on the Australian Securities Exchange and included in the S&P/ASX 200 index
December half year earnings for engineering contractor Monadelphous rose more than 17% despite increased margins pressure from continuing labour shortages in the WA resource sector.
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Strong results and increased dividends from SEEK, Ansell and Monadelphous weren't enough to satisfy the market, with each company's shares falling in Tuesday's ASX session.
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Shares in Perth-based mining services company Monadelphous have dropped to a four-year low as broking analysts cut their ratings on the stock in the wake of news of a $493 million damages suit from Rio Tinto.
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Shares in Perth-based engineering company Monadelphous Group dropped more than 10% on Monday after news broke that it was being sued by Rio Tinto over a fire at one of Rio's iron ore export terminals at Cape Lambert in the Pilbara.
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The New Criterion’s Tim Boreham highlights several mining services contractors, large and small, and their potential at this time.
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Monadelphous has guided to sales being up around 10% in the first half versus the prior half, better than UBS anticipated. The stronger resumption in activity is reflected in improved staffing levels which have increased by around 20% since June.
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The company's balance sheet is the strongest in Citi's coverage, courtesy of having negligible debt. The broker likes the combination of relative resilience in mining, coupled with optimism regarding the pace of recovery in energy from 2021.
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Bell Potter has a positive take on Monadelphous due to the announcement of contract awards worth circa $350m, putting it on track to achieve its $1.5bn target in awards for FY20.
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Following the recent underperformance of the share price, UBS upgrades to Buy from Neutral. The broker expects Monadelphous to return to sales growth in FY20 as it transitions into iron ore replacement and sustaining capital projects from LNG construction.
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UBS updates its database for iron ore capital expenditure, now estimating total investment in Western Australia could be around US$21bn. This expenditure is expected to be delivered through FY19-22.
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