Stuart Olson books $120M in new contracts after tough end to 2018
By On-Site StaffConstruction
CALGARY—Stuart Olson Inc. has disclosed well over a hundred million dollars in new contracts to add to its backlog of work.
The Calgary-based contractor said March 26 that its Industrial Group has inked fresh deals worth about $80 million, while its Commercial Systems Group has signed $40 million worth of new projects.
“These new contract awards represent important wins for our Industrial and Commercial Systems Groups,” David LeMay, the company’s president and CEO, said in a statement. “They highlight the strength of our relationships with repeat clients and our focus on executing our geographic and sector diversification strategies.”
Stuart Olson did not reveal the full details of the new contracts, but said the commercial sector jobs include work on an agricultural project in Ontario, a public facility in Alberta and a residential tower in Saskatoon. The industrial sector projects are for existing clients based in Ontario and Alberta.
The disclosure of the deals follows a tough final quarter of 2018 for the company. Stuart Olson reported revenue of $227.6 million versus $282.6 million the year before. It also reduced its dividend. Disappointed investors drove shares down about 20 per cent earlier this month.
The company said the new contracts will be added to its first quarter 2019 backlog. At the end of 2018 Stuart Olson’s contract tally stood at $1.57 billion.