Aecon reports record backlog of CAN $3.3 bn
02 March 2016
Canada’s largest public construction and infrastructure company, Aecon Group, has reported a record CA$ 3.3 billion (US$ 2.45 billion) backlog in its year-end report.
The company also reported progress on revenue, up 14% to CA$ 2.92 billion (US$ 2.17 billion) on a like-for-like basis, excluding dispositions.
Another positive note for Aecon was the successful completion of the sale of its interest in Quito airport, for gross proceeds of CA$ 292 million (US$ 217 million).
Subsequently, Aecon’s board of directors approved an increase in the annual dividend from 40 cents per share, to 46 cents per share.
Subsequent to its year-end figures, Aecon was awarded a CA$ 2.75 billion (US$ 2.04 billion) contract to work on a refurbishment project at the Darlington Nuclear Generating Station – the biggest single contract in the company’s history.
Aecon’s president and CEO, Teri McKibbon, said of the results, "The fourth quarter capped a year which saw revenue growth in each of energy, mining, and infrastructure, and further year-over-year improvement in consolidated adjusted EBITDA margin on a like-for-like basis, driven by a focus on both the pursuit of large-scale, sophisticated projects with key clients in our core end-markets, as well as strong and consistent execution performance."