Top Shares NRW Holdings (NWH)
The group’s business units are split into four divisions: Civil, Mining, Action Mining Services and Action Drill & Blast.
NWH has been one of the shares to buy since June last year, with its stock price more than tripling from those lows.
Last week, NWH confirmed that it is on track to achieve an FY11 revenue target of at least $700 million.
However, adverse weather has impacted productivity at a number of NWH’s sites.
As a result, NWH expects FY11 net profit to be at the lower end of consensus estimates between $40 million and $45 million.
In addition, NWH has announced a $70 million capital raising. The issue price of $2.74 is an approximately 4% discount to NWH’s closing price on 13 April.
NWH said it would use the proceeds to moderate its gearing levels following the acquisition of plant and equipment from Comiskey Earthmoving.