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ASX : ACF Acrow Formwork and Construction Services Limited C / -Level 5 , 126 Phillip Street Sydney NSW 2000 ASX Release 22 February 2021 ACROW SINCE 1936 FY21 Half Year Financial Results Acrow Formwork and Construction Limited ( ASX : ACF ) is today pleased to report record half yearly sales revenue and underlying EBITDA , up 32 % and 41 % , respectively , for the six months ended 31 December 2020. An interim dividend of 0.75 cents per share ( fully franked ) was declared . Six months ended 31 December ( $ 000 ) 1H21 1H20 Variance % change Sales 50,408 38,122 12,287 32 % EBITDA 11,095 7,861 3,234 41 % NPAT ( underlying ) 3,672 2,139 1,533 72 % NPAT ( reported ) 1,866 380 1,486 391 % Operating Cash Profit 5,537 4,401 1,136 26 % Dividends ( cps ) 0.75 0.00 0.75 na Key financial highlights include : • Group revenue up 32 % on PCP to $ 50.4m , attributable to a very strong trading performance from the Melbourne Formwork division a significant uplift in NSW Natform performance , strong product sales and a full six - month contribution from the Uni - span acquisition . • Sales contribution of $ 28.9m , up 24 % • Underlying EBITDA of $ 11.1m , up 41 % , and EBITDA margin of 22.0 % , up 140bps • Underlying net profit after tax of $ 3.7m , up 72 % Significant items of $ 0.6m relating to final Uni - span integration costs , including redundancies . . • Net gearing of 23.8 % 1 , up 380bps on 30 June 20 levels . • Operating cash profit of $ 5.5m , up 26 % . Commenting on the result Acrow CEO , Steven Boland , said : " Acrow has had another half year of strong growth in all key financial areas . The acquisition and successful integration of the Uni - span and Natform businesses into Acrow have created a truly unique Company , providing a national offering of specialised , high - quality equipment and engineering capabilities that are second to none in our industry . " " It is a very exciting time to be at Acrow , where we are now invited to tender for packages of work on marquee projects that were not too long ago beyond our capabilities . I commend the Board of Acrow and the team for what has been achieved in the short space of time since we listed on the ASX . " Notable achievements during the half year included : • Record secured hire contract wins , up 31 % to $ 17.5m on the PCP ; 1 Net gearing = net debt / ( net debt + equity ) . Acrow Formwork and Construction Services Limited Page 1