A strong order book and significant growth on the horizon
Mayfield Group Holdings Limited (ASX:MYG) is an Adelaide-based company providing solutions for electrical and communications infrastructure across Australia.
The name of the Group is borne from Mayfield, a South Australian electrical company founded in 1936 and the backbone of the Group’s experience. Today there is a young and diverse employee community across the Group; committed to problem-solving, with an enthusiasm for innovation and pride in producing ‘Australian-made’.
Listing on the ASX in December 2020*, MYG operates a portfolio of niche yet complementary businesses, each with a strong value proposition:
Mayfield Industries – Custom designs and builds medium and low voltage electrical switchboards and transportable switch rooms. The company has design capability in Adelaide, Brisbane, and Perth, and manufacturing facilities in Adelaide and Perth. Market focus is utilities, transport infrastructure, mining, industry, and renewables.
STE Solutions – Provides medium and high voltage testing, switching, maintenance, and design & construction services. The company has facilities in Adelaide and Ballarat. Market focus is renewables, utilities, mining, and industry.
Walker Control – Manufactures high voltage protection, control, and communications systems. The company has facilities in Adelaide and a market focus on utilities and renewables.
Power Parameters – Provides electrical power quality products and services for critical business systems. The company has a laboratory in Melbourne and offices in WA, NSW, and Queensland. Market focus is utilities, commercial, oil and gas, mining, and renewables.
ATI Australia (associated company) – Custom engineering, manufacture, and support of enterprise-wide, remote area, wireless telecommunications. The company has facilities in Sydney and a market focus on government, telcos, and corporate enterprise.
Within these businesses, MYG seeks to retain the founding shareholders as the source of passion and purpose. MYG’s role is to provide direction, investment, and governance.
The current order book has recovered well after COVID-19 with a healthy mix of capital and maintenance, across mining, infrastructure, renewables, transport, and utilities. Behind this is a strong pipeline of projects for which the Group is tendering.
Current projects include participation in the Port Augusta Renewable Energy Park, iron ore expansion in Western Australia, wind and solar balance-of-plant maintenance in South Australia, Victoria, and NSW, the Sydney Metro and South West public transport project, and the Victoria Big Battery project.
MYG is undergoing significant organic growth; investing in state-of-the-art robotic manufacturing and high voltage test equipment, and recently moving into new premises in Ballarat (STE Solutions) and Perth (Mayfield Industries). MYG expects continued growth, especially within the renewable energy sector and the development of renewables-ready electrical infrastructure. The company continues to look for acquisitions to accelerate its growth, but will only do so if the acquisition fits its purpose and aligns with the industry trends of a low emissions future, renewal of aging infrastructure, and continued investment in private and public infrastructure.
MYG’s Board of Directors is led by chairman Larry Case with Jon Hobbs as Managing Director. The balance of the Board is Alan Steele, a former CEO of Mayfield Industries, experienced South Australian businesswoman Sue Chase AM and Lindsay Phillips of Nightingale Partners, MYG’s largest shareholder.
*Baker Young acted as Lead Manager to the IPO in November 2020 for which it received fees.
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