WA-based ASX newcomers SSH and Aerison upgrade their guidance
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SSH – an abbreviation for Site Services Holdings joined the ASX two weeks ago.
It provides safety and people services, including to civil and construction sites as well as government, corporate and communities buildings and precincts.
This morning it told shareholders it was anticipating annual revenue to grow by approximately 300% compared to FY20.
It made $15.3 million in FY20, but is expecting $70 million in FY21. While the company didn’t go into details on what was behind the upgrade, it hinted at more growth to come.
It announced it had begun its plan to expand onto the East Coast, starting in Queensland, and said it was considering potential acquisitions.
Today’s news sent the stock up by as much as 35 cents — a 35% premium to yesterday’s closing price and a 75% premium to its IPO price of 20 cents a share.
While Aerison has been on the bourse for a few months now, it is also relative a newcomer.
This company, also an industrial services firm based in Western Australia, provides services to the minerals and mining, oil and gas, non-process infrastructure and utilities sectors.
While Aerison only increased its revenue guidance by 15%, it said it expects topline revenues for FY22 to come in at $180 million.
Aerison credited its new project awards which totalled circa $140 million.
The most notable of these was for the engineering and construction of a 40 megalitre Saline water reverse osmosis plant for an iron ore producer in the Pilbara region.
Like SSH, Aerison hinted the workload would only increase in the coming months.
“As the company continues to grow, we look forward to building our valued long term customer relationships into 2023 and will actively target new customers by providing a quality turnkey service,” said CEO Guiseppe Leone.
Although this West Australian company didn’t grow as much as SSH, it is above it’s ASX IPO price of 20 cents a share.