Ward is pleased to announce that our prequalified financial rating with Transport for NSW has been increased from F75 to F100. This means that we are now prequalified to tender project up to a value of $100 million with Transport for NSW (up from our existing cap of $75 million).
A contractor’s financial rating is determined with respect to the amount of working capital contained on its balance sheet, it net tangible asset position, and access to relevant bank funding facilities. Since the commencement of 2015, our financial rating with Transport for NSW has steadily increased from F25 ($25 million cap) to F100 ($100 million cap). This is a fantastic achievement which has been driven by the profitability of the business, the dedication of our staff, and the capital management decisions of the Board of Directors.
Our next target is to obtain our F150 rating. Both the management team and Board of Directors are committed to achieving this goal.