Corporate: WestStar starts FY20 with $5m worth of contracts; aims to beat last year’s $50m haul
WestStar Industrial (ASX:WSI) has set out to beat last financial year’s $50m worth of contracts, and is off to a good start with today’s news it is starting FY20 with $5m worth of contract extensions already.
As with last year’s contracts, these new jobs were secured by engineering subsidiary SIMPEC.
Many of SIMPEC’s tenders are ongoing this year. But the company has won $5m in new work since the start of this financial year.
“Having delivered a strong pipeline of contract awards over the past year, SIMPEC continues to consolidate its position and built its credentials on major projects,” SIMPEC managing director Mark Dimasi said.
While this morning’s announcement did not mention any clients by name, WestStar previously secured includes several miners in Western Australia including Fortescue Metals (ASX:FMG) and Rio Tinto (ASX:RIO).
WestStar has two other businesses: concrete fabricator Precast Australia and property developer Distinct Developments. Precast Australia secured $33m worth of contracts last financial year. The division’s work included Optus Stadium’s Camfield Bar and UWA’s new engineering building.
Shares were unchanged this morning, although the stock is up 66 per cent since the start of this year.
Tech stock Empired (ASX:EPD) anticipates earnings between $15.2m and $15.8m. While the majority of tech stocks are focused on growth over earnings, to the concerns of analysts, Empired is focused on both.
“The company is confident that it has a compelling and modern solution portfolio to meet the needs of its customers for today and into the future,” said managing director Russell Baskerville. “A major focus for the company will be delivering strong cash earnings to enhance shareholder value.” Shares jumped 11 per cent this morning.
In substantial holder movements, the Health Employees Super Trust became substantial holders of Australia Oil & Gas (ASX:ATS) with a 5.03 per cent stake. The trust has been accumulating for months but a $283,285 buy last Thursday took them over the line. Gold play Kula Gold (ASX:KGD) welcomed “HMS Superannuation Fund” with an 18.2 per cent stake. Signing the form (which did not disclose the amount paid) was Michael Soucik, a Perth-based finance executive at CPS Capital.