FDC builds momentum after listing

FDC Consolidated Holdings Limited (ASX: FDC), a major Australian construction, fit-out, and building services company, has had an auspicious beginning as a public company after listing for $3.00 per share on the ASX on 13 July 2026. FDC reported a 13 per cent increase in revenue for the year to June 2026 to $1.69 billion, whilst underlying Earnings Before Interest and Tax (EBIT) (excluding listing costs) rose 18 per cent to $96.5 million.

The Construction Division was up 14 per cent to $1.02 billion, accounting for 60 per cent of revenue, whilst the Fitouts and Refurbishment Division grew by 11.5 per cent to $0.67 billion, accounting for 40 per cent of revenue. The normalised Net Profit After Tax (NPAT) was up 14 per cent to $70.8 million or 22 cents per share (CPS). The company finished the financial year with $362 million of cash (or $1.12 per share) and no debt. The share price has recently been trading as much as $3.70 per share and today, it hit an all time high of $3.89.

To remind readers, the Cottle Brothers – Ben and Blake, maintain 28.1 per cent and 12.1 per cent, respectively, of the 323 million shares on issue. FDC also has 650 employee shareholders (of 732 staff nationally) who control around 18 per cent of the share register, making a combined 58 per cent. Together with the Cottle brothers, Philippa Stone, John Whiteman and Ryan Arnold comprise FDC’s five Non-Executive Directors, while Russell Grady is the CEO and Andrew Kearney is the CFO and COO. Grady and Kearney have been with the company since 2002 and 2016, respectively.

At 30 June 2026, work on hand was $2.5 billion, supporting 89 per cent of the forecast revenue for the year to June 2027. To remind readers, the reaffirmed forecasts for fiscal 2027 is for revenue to grow 12 per cent to $1.9 billion, with normalised EBIT of $100 million and a dividend payout ratio of 70-90 per cent. “Opportunity enquiry levels continue to increase” which suggests a high level of confidence in FDC’s near-term forecasts, particularly given around two-thirds of their work does not go out to tender, and is via a negotiated pathway, and 90 per cent of FDC’s top 20 clients have delivered repeat business in the past 4 years.

FDC’s board and management would be delighted with its auspicious beginning as a public listed company, and despite the tougher Australian economic environment the company’s reaffirmed guidance for fiscal 2027 suggests a high level of confidence.