Seymour Whyte inks $59M highway deal

SEYMOUR Whyte has inked a $59 million contract to upgrade a section of the Warrego Highway in the Darling Downs region of Queensland.
Seymour Whyte inks $59M highway deal Seymour Whyte inks $59M highway deal Seymour Whyte inks $59M highway deal Seymour Whyte inks $59M highway deal Seymour Whyte inks $59M highway deal

 

Jon Cuthbert

The contract includes asphalt overlay works and repairs to improve flood immunity as well as the construction of two overtaking lanes on a 30km stretch of the Warrego Highway between Jondaryan and Dalby.

Work is expected to start late this year and finish in August 2013.

The contract was awarded by the Department of Transport and Main Roads as part of infrastructure repair works following the 2010/11 floods.

Seymour Whyte will be principal contractor, but will undertake the works in a 50/50 joint venture with building materials group Boral.

Under the joint venture arrangement, the project’s total value to Seymour Whyte is $29.5 million, of which $22.5 million is expected to be realised in the current financial year, with a further $7 million to be completed in subsequent years.

Seymour Whyte’s confirmed order book for the current financial year stands at about $215 million with $67 million to be carried into the 2014 financial year and beyond.

Chief executive officer David McAdam said the award of further flood-related reconstruction works to Seymour Whyte highlighted the company’s strong relationship with the Queensland government.

“Rebuilding the roads and infrastructure of the Darling Downs and other areas of Queensland following the floods is important to re-building the communities which were affected and are still recovering nearly two years later,” he said.

“We are pleased to be able to partner with the government and Boral to undertake these important works.”

In the year to June 30, 2012 Seymour Whyte recorded a net profit of $8.8 million with total revenue up 36.2% to $307.4 million.

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