SRG’s full year results were consistent with the update in early July, but the key change since then has been an impressive ~$200m work won, adding to the Company’s $707m order book at 30 June. Strategy execution and business restructuring was accelerated during the COVID-impacted 2H, and SRG’s emphasis on growing recurring revenue streams through Asset and Mining Services are being realised with increasing exposure to these segments. With a strong liquidity position to support longer term growth, we maintain our BUY call and $0.42 valuation.
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