Company Interview / Acrow's record sales, and Olympic dream

Key Points:

Record FY25 sales and profits for Acrow (ASX:ACF)Major growth driven by industrial access business and recent acquisitionsUpcoming Queensland infrastructure and Olympics driving future demandDiversified pipeline includes $250m in formwork and locked-in industrial contracts

Acrow (ASX:ACF) has posted record sales for financial year 2025, up 23% to over $265 million, with underlying net profit after tax rising 4% to $34.3 million. Steven Boland attributes the strong results to a strategic diversification focus, particularly the rapid growth of Acrow's industrial access business. While the company remains a leader in formwork for civil infrastructure, that market has softened recently, especially in south east Queensland. Despite this, Boland points to an 8% profit improvement and a 26% revenue increase, reflecting the success of their industrial access expansion.

Boland sees significant upcoming opportunities, particularly as Queensland gears up for major events and infrastructure, with the Olympics set to drive activity between 2027-2029. Other projects, such as the Coomera Connector and an ambitious hospital upgrade program, are also expected to underpin future demand. Acrow has completed four acquisitions in 18 months, including Above Scaffolding and Brand Australia, expanding its reach into defence and asset maintenance, notably with contracts like the Sydney Harbour Bridge. These moves have driven overhead costs higher but are adding scale and new capabilities.

Looking ahead, Boland highlights a record $250 million pipeline in formwork and substantial long-term industrial contracts with clients like Origin Energy and BMA. While numerical guidance is on hold until the AGM, Boland signals ongoing stability and growth prospects supported by diversification and a solid pipeline.