Acrow Formwork and Construction Services Ltd
ASX:ACF
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Acrow Formwork and Construction Services Ltd
ASX:ACF
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Acrow Formwork and Construction Services Ltd
Acrow Formwork & Construction Services Ltd. engages in the provision of construction services. The company is headquartered in Sydney, New South Wales. The company went IPO on 2008-06-27. The firm operates through two segments: Formwork and construction services, and Mineral exploration activities. The Formwork and construction services segment offers the provision of falsework, formwork, scaffolding, screens and related materials for hire and sales in Australia. The Mineral exploration activities segment includes mining operations in Ghana. Its formwork and concrete hardware specific products include Thru-Tie systems, Acrow nails, column liners, concrete release agents, fillets, as well as patching and remediation consumables. Its scaffolding systems include Cuplok Scaffolding, SuperCuplok Scaffolding and Quickstage Scaffolding. The firm's wholly-owned subsidiaries include Acrow Holdings Pty Limited, Acrow Formwork and Scaffolding Pty Ltd, Noble Mineral Resources Ghana Limited and Natform Pty Ltd.
Acrow Formwork & Construction Services Ltd. engages in the provision of construction services. The company is headquartered in Sydney, New South Wales. The company went IPO on 2008-06-27. The firm operates through two segments: Formwork and construction services, and Mineral exploration activities. The Formwork and construction services segment offers the provision of falsework, formwork, scaffolding, screens and related materials for hire and sales in Australia. The Mineral exploration activities segment includes mining operations in Ghana. Its formwork and concrete hardware specific products include Thru-Tie systems, Acrow nails, column liners, concrete release agents, fillets, as well as patching and remediation consumables. Its scaffolding systems include Cuplok Scaffolding, SuperCuplok Scaffolding and Quickstage Scaffolding. The firm's wholly-owned subsidiaries include Acrow Holdings Pty Limited, Acrow Formwork and Scaffolding Pty Ltd, Noble Mineral Resources Ghana Limited and Natform Pty Ltd.
Revenue: Group revenue grew ~23% in H1 FY26, driven by Industrial Access which now makes up 62% of group revenue.
Profitability: EBITDA fell to $38.0 million (margin 24.4%) from $39.0 million (30.8%) last year, largely due to a $6 million EBITDA impact from weak Queensland Formwork activity.
Guidance: FY26 revenue guidance of $315–$325 million (c.21% up) and EBITDA guidance of $80–$84 million (c.2% up).
Balance sheet: Net debt rose to $151.5 million from $28.2 million (net debt / EBITDA 2.2x vs 1.8x prior); management expects to reduce leverage through lower H2 CapEx, EBITDA growth and working-capital unwind.
CapEx & dividend: Heavy H1 CapEx ($25.5 million) to build Jumpform/Column Climber and Screens; H2 CapEx expected $5–$10 million. Interim dividend reduced to $0.02 (100% franked) from prior payout ratio.
Industrial growth: Industrial Access continued rapid expansion (hire pipeline $235 million, labour hire forward order book > $300 million) and delivered ~35% gross margin / 21% EBITDA margin.
Strategic projects: Column Climber (Meriton Cypress) is a capital‑intensive, reusable jumpform innovation expected to drive higher margins on future >50‑storey towers; Screens and new products (Uni‑Ring, Powershore 60) are scaling fast.
