MND -8.81%: a strong 1H but weak guidance weighed on shares in the contractor today. Monadelphous saw Revenue fall 10% in the half, though this was at the top end of guidance of a 10-15% fall, while EBITDA of $58.2m was a 6% beat to consensus on improved margins. The maintenance performance was strong, though offset by weakness in Construction, a trend that is set to continue in the 2H. the company said revenue for FY23 is expected to be down 5-10% where consensus was looking for flat year on year. According to management, performance is set to improve from there as construction activity picks up after a number of delays.
MM is neutral to bullish MND
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