Perenti Group Managing Director Mark Norwell outlines company response to COVID-19

Yesterday morning Perenti Group Managing Director & CEO Mark Norwell spoke to investors regarding the situation facing the Group and how it is responding to the current COVID-19 pandemic.

He stressed that to date there has been minimal impact on the company’s operations but Perenti remains mindful of the considerable impact COVID-19 is having globally.

Mr Norwell said the company’s key priorities in dealing with COVID-19 is the health and safety of its people, limiting the spread of the virus and delivering value for its customers by doing everything possible to continue operating safely in what is a complex and everchanging environment.

“We are focused on protecting the wellbeing of our people and working closely with key stakeholders so that we can continue to operate safely and effectively during this unprecedented period,” he said.

 “We are doing all that we can to minimise any disruption and we will continue to focus on capital management as part of our 2025 Group strategy to ensure Perenti is well positioned to deliver through all economic cycles.”

Mr Norwell also praised employees who had gone above and beyond in recent weeks, especially expats who had stayed in country to support its international operations, FIFO workers for their resilience as well as the families of all its employees for their support and understanding.

Perenti reports strong FY20 H1 earnings as it delivers against 2025 strategy

Perenti has delivered a strong result in HY20, with the Company on track to meet its most recent FY20 earnings guidance. Perenti Managing Director Mark Norwell said the HY20 results demonstrated the diversity and resilience of the expanded Group.

“At a Group level our underlying earnings were strong, which was an impressive achievement, given the challenges in African Mining Services (AMS), demonstrating the breadth of Perenti’s portfolio,” Mr Norwell said.

“Perenti’s underground mining business, across Australia and Africa, performed exceptionally well, with earnings growing by more than one-third over the prior corresponding period as we successfully integrated Barminco into the Perenti group.

“Meanwhile, in our surface mining business, our Ausdrill operations in Australia performed in line with expectations but our AMS operations in Africa delivered an unsatisfactory result that impacted Group earnings.

“A key focus of our 2025 Group strategy has been on the transformation of AMS, with a range of initiatives underway including enhanced earnings, cash conversion, and efficient capital management.

“In addition to the AMS transformation initiative, a strategic review of AMS has now commenced that will thoroughly assess the business more broadly.

“In November, 19 of our employees tragically lost their lives and a further 26 were injured as a result of an unprecedented terrorist attack in Burkina Faso. In response, we reassessed where and how we operate, with Perenti ceasing operations in Burkina Faso’s higher risk locations given the current security situation. We also continue to do everything possible to ensure that all injured employees, work colleagues and impacted families are receiving the best possible care and support.”

To see the full FY20 H1 results please visit the Investor Section of our website.