NRW Holdings Ltd (ASX: NWH) shares are edging higher on Friday, continuing a strong run over the past year.
In morning trade, the NRW share price is up 1.68% to $6.07. That move leaves the stock ahead roughly 145% over the past 12 months, placing it among the better performers in the industrials sector.
The latest move comes after a fresh update released to the market today.
Here's what was announced.
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Fresh contract wins add to workload visibility
According to the release, NRW's wholly owned subsidiary, Fredon, has secured a series of new electrical and mechanical contracts with a combined value of around $160 million.
The largest component is an electrical package tied to a major Commonwealth infrastructure project in Northern Australia, valued at about $110 million.
Work is expected to be completed by mid-2028.
There is also a $23 million design and construct contract linked to the Festival Towers project in Adelaide. This follows around 12 months of early contractor involvement work, with completion targeted for 2028.
Another contract includes a $24 million mechanical package for a joint venture hospital project in South Australia, with completion expected around mid-2027.
Additional wins include a $5 million electrical contract for bus charging infrastructure in South Australia, as well as work on charging systems at the Oakleigh bus depot in Victoria.
Diversification remains a key part
NRW has built its growth profile across several end markets, including mining services, civil construction, and infrastructure.
The latest contract awards show its engineering and maintenance division continuing to pick up work outside traditional resources exposure.
Management noted the mix of contracts reflects demand across infrastructure and renewables-linked activity, particularly where specialised electrical capabilities are required.
This diversification has reduced reliance on commodity cycles and supported more consistent earnings.
Strong run backed by project delivery
NRW's share price has trended higher over the past year as the company continues to deliver regular project wins and maintain a strong order book.
The stock is now trading toward the upper end of its recent range, with investors still backing delivery across its core divisions.
With multiple projects stretching out over several years, revenue visibility has improved, which supports higher valuation multiples.
Foolish takeaway
NRW is not relying on one project or one cycle. Work is coming through across infrastructure, energy, and essential services, which gives earnings a more stable base.
After a 145% run, a lot of the easy upside has already been captured. But the steady flow of new contracts and a multi-year pipeline still point to earnings growth from here.
This usually comes down to delivery. If projects keep moving on time and margins hold, the share price can keep moving higher.
