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Valmec Ltd's (ASX:VMX) has received strong support for its capital raising after flagging another solid year of growth in 2018.
Valmec Ltd (ASX:VMX) a provider of services and equipment to the heavy industrial sector has entered into an agreement to acquire APTS Pty Ltd which has similar industry exposure.
Valmec Ltd (ASX:VMX) has provided an earnings guidance of $3.1 million in underlying earnings before interest, tax and depreciation (EBITDA) for the financial year ending 30 June 2016. Record tendering activities on new service, minor and major capital works across all of Valmec’s markets, underpin guidance of both a stronger performance and expanded order book during FY17. Bullishly, the Board said it has resolved to suspend future dividend payments until further notice, electing to retain capital to assist in the current East Coast expansion activities.
Valmec Ltd (ASX:VMX) is continuing to build a healthy order book by securing additional contracts through its oil, gas and Infrastructure divisions totalling $11.8 million. The contracts, which are based in Western Australia and in New South Wales, extend across a number of industries, including oil and gas maintenance services, construction and government infrastructure. Significantly, Valmec won a $24 million contract in March to service Origin Energy Ltd’s (ASX:ORG) Australian Pacific LNG joint venture in Queensland.
Valmec lands $17.1 million contract from Origin Energy for Australia Pacific LNG's upstream gas compression and power generation assets in South West Queensland, Australia.