- Subsidiaries of cellular concrete manufacturer, CEMATRIX (CVX) have won numerous new project contracts, worth a combined C$6.9 million
- The contracts include a tunnel project in Texas, a bridge project in Michigan, and an abandonment project in Vancouver
- CEMATRIX and its subsidiaries have faced some project delays due to the ongoing COVID-19 pandemic, but have avoided disaster
- The company expects to complete approximately half of its $80.2 million backlog in 2021/22
- CEMATRIX (CVX) is up 5.26 per cent and is currently trading at 60 per share
Subsidiaries of cellular concrete manufacturer, CEMATRIX (CVX) have won numerous new project contracts, worth a combined C$6.9 million.
The company’s wholly owned and operating subsidiaries are CEMATRIX Canada, MixOnSite USA, and Pacific International Grout Company. The new contracts include a tunnel project in Texas, a bridge project in Michigan, and an abandonment project in Vancouver.
These additions, and the strengthening of the Canadian dollar, have brought CEMATRIX’s total contract backlog to $80.2 million in value. The company expects to complete approximately $42.3 million of this backlog in 2021/22.
However, project schedules may still be at the mercy of the COVID-19 pandemic, which has caused delays worldwide.
CEMATRIX’s President and CEO, Jeff Kendrick, said that the company has experienced some delays as a result of the coronavirus.
“Most of the project delays were typically a few weeks, but a handful of projects have been delayed by a few months or more. One of these, a Texas-based tunnel project that was to begin in June, was delayed because of a COVID-19 outbreak at the project site.
“Fortunately, we did not mobilise our staff to that location prior to the outbreak. Additionally, two projects worth approximately $1.35 million are now expected to begin in 2021.
“With the continued addition of more projects each week, these short-term delays are not expected to affect our forecast for the year,” he said.
Despite the impact of the pandemic, the company’s share price has performed admirably in recent months, rising more than 60 per cent since the beginning of the year.
CEMATRIX (CVX) is up 5.26 per cent and is trading at 60 cents per share at 10:35am EDT.