The Acrow Ltd (ASX: ACF) share price is in focus today after the company reported record FY26 revenue of $336 million, up 27%, and upgraded its FY27 revenue and EBITDA guidance.
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What did Acrow report?
- FY26 revenue climbed 27% to $336.0 million
- Underlying EBITDA was steady at $80.3 million
- Underlying NPAT fell 20% to $27.6 million
- Final dividend of 1.42 cents per share, fully franked (down from 2.95cps in FY25)
- Industrial Access division revenue surpassed $200 million, up 53% year-on-year
- Upgraded FY27 guidance: revenue growth of 30% and EBITDA growth of 37% on FY26
What else do investors need to know?
Acrow completed the acquisitions of Preston's SuperDeck and Ausgroup Industrial Services for a combined $54.5 million, strengthening its service offering and growth opportunities, particularly in Queensland. To fund acquisitions and maintain a healthy balance sheet, the company raised $70 million via placement and an additional $16 million through a Share Purchase Plan.
Industrial Access remains the company's largest division, now making up 60% of group revenue, driven by organic growth and gains from major projects such as Perdaman Urea and Snowy 2.0. Construction Services rebounded strongly in the second half, underpinned by renewed momentum in Queensland and solid growth in key states.
What did Acrow management say?
Managing Director Steven Boland said:
The Company has experienced a period over the past two to three years of stagnated profits, primarily due to the downturn in construction activity across the Queensland construction market. During this period, we have invested strategically to expand our national Jumpform, Screens and, most notably, our Industrial Access businesses. Today, Industrial Access generates more than $200m in revenue and has significantly enhanced the quality, stability and resilience of our earnings base.
Our Construction Services division has now turned the corner with the second half revenue reaching a record level for any half yearly period, with most of the growth experienced in Q4. This momentum has continued into FY27.
Looking ahead, we see significant opportunities across both our Industrial Access and Construction Services businesses. … In closing, I believe FY27 will mark a turning point for the business. Over the past several years, we have worked hard to reposition Acrow as a leading player in the national industrial access market, while preparing for the recovery in the construction sector, particularly in Queensland. That recovery is now well underway, and we expect to reap the benefits in the coming years.
What's next for Acrow?
Looking forward, Acrow has lifted its FY27 revenue and EBITDA targets by 2% and 4%, now guiding for 30% and 37% year-on-year growth respectively. The integration of recent acquisitions, organic growth from newly secured contracts, and a strong pipeline of infrastructure projects—including opportunities tied to the 2032 Brisbane Olympics—are set to drive performance.
In Construction Services, a recovery is underway, especially in Queensland and across civil infrastructure. Management sees cross-selling opportunities and the chance to capitalise on national infrastructure investment and new product innovation.
Acrow share price snapshot
Over the past 12 months, Acrow shares have declined 8%, trailing the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
