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NRW Holdings ASX ANNOUNCEMENT 18th February 2021 Record First Half Year Revenue Highlights ACN : 118 300 217 181 Great Eastern Highway , Belmont Western Australia 6104 PO Box 592 Welshpool , Western Australia 6986 Tel +61 ( 0 ) 8 9232 4200 Web nrw.com.au • Revenue up 44 % to $ 1,168M ; first half of FY20 ( pcp ) $ 808.7M . • Earnings ( EBITDA ) increased to $ 132.8M up 28 % compared to $ 103.8M1 pcp . • Margins on Pilbara projects impacted by resource availability due to continued resource constraints related to COVID - 19 measures Cash balance at $ 171.4M and net debt reduced by $ 43.2M to $ 96.5M • Gearing sub 20 % ( including Lease Debt ) • Bank debt fully repaid – Golding acquisitions and Corporate Notes • • Order wins in excess of $ 1B , including two major infrastructure projects Interim dividend declared of 4 cents per share and updated Dividend Policy advised Strong cash conversion expected repayment of contract advances the major movement in first half working capital Net result includes non - cash expenses related to the amortisation of acquisition intangibles ( $ 9.0M ) and tax expense ( $ 11.2M ) offset against prior year losses Primero ( ASX : PGX ) takeover - moving to compulsory acquisition - delivers a step change in scale and diversity to NRW's Minerals , Energy and Technology ( MET ) pillar . MET secured its largest project to date to deliver a Primary Crusher and Overland Conveyor for the Queens Project at the Solomon Hub for Fortescue Metals Group . Led by RCR Mining Technologies and supported by Primero , NRW Civil and DIAB Engineering demonstrating the end to end delivery capability of the enlarged group . Commenting on the performance of the business , Jules Pemberton , NRW's Chief Executive Officer and Managing Director said : " I would once again like to begin my commentary on the Company's performance by recognising the significant contributions made by the NRW workforce in delivering these results in what remains a continuing challenging environment presented by COVID - 19 . Our entire workforce has continued to work hard every day around the nation despite the different challenges we have faced state by state through the consequences of full lockdowns and partial lockdowns , but in particular the border closure impact which has limited our access to resources through what has probably been the busiest six months in NRW's history . Despite these restrictions the Company has delivered a record first half revenue , increased earnings and maintained its fiscal discipline by once again delivering a strong cash conversion . 1 For comparative purposes , prior period EBITDA is adjusted to reflect application and finalisation of AASB 16 . 1