MND +15.3%: Surged after the engineering services group delivered a strong trading update, forecasting first-half FY27 revenue comfortably ahead of market expectations. Strong conditions across resource construction and maintenance alongside a growing contract base drove the ‘beat’.
Key details:
- 1H27 revenue forecast at approximately $1.7bn, versus consensus of $1.5bn.
- 1H27 net profit (NPAT) is expected to be between $80m and $85m.
- $830m in new contracts has been secured since July 1, adding to an already substantial workload.
A strong update from MND, with revenue comfortably ahead of expectations and earnings likely to follow. Conditions across resource construction and maintenance remain supportive, while the additional contract wins provide confidence in the underlying pipeline. The expected moderation in the second half is worth watching, but the strength of the first-half result suggests consensus forecasts for FY27 may need to move higher. Overall, we view the update positively, though we’d be cautious around valuation here.
MM is cautiously bullish toward MND
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