FY21 Result: strong result for SRG, marginally beating guidance for FY21. EBITDA came in at $47.1m, just edging out consensus expectations on the back of a strong mining services result. SRG now has net cash of over $12m and an enviable position of $1b of work in hand. This sets the up well for FY22 where guidance points to 15% EBITDA growth which is in line with expectations. We suspect this will be upgraded through the year if they can continue to win more business. SRG was trading flat at the time of writing.
MM remains long and bullish SRG
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