F75 Rating for Ward
We are pleased to announce that our pre-qualified financial rating with the RMS has been increased from F50 to F75. This means that we are now pre-qualified to tender projects up to a value of $75 million with the RMS (up from our existing cap of $50 million).
A contractor’s financial rating is determined with respect to the amount of working capital contained on its balance sheet, its net tangible asset position, and access to relevant bank funding facilities. Since the commencement of 2015, our financial rating with the RMS has increased from F25 ($25 million cap) to F50 ($50 million cap) to F75 ($75 million cap). This is a fantastic achievement which has been driven by the profitability of the business and the capital management decisions of the Board of Directors.
Although the pre-qualification rating system is one that has been developed by RMS, it is not just RMS projects that require specific prequalification. Broader Government projects, such as those being let by Western Sydney Airport and Landcom, for example, are now using the RMS ratings system. An increase in our financial rating from F50 to F75 ensures that the breadth of projects that we can tender on has increased significantly (by value and by client).