Civmec Ltd (ASX: CVL) has given investors another reason to chase its already strong share price run.
The engineering and construction group climbed to a new record high of $1.84 during early morning trade after releasing an order book update.
At the time of writing, the Civmec share price is up 5.44%. By comparison, the S&P/ASX All Ords Index (ASX: XAO) is hovering 0.64% lower at 8,860 points.
The move adds to a big 12 months for shareholders, with Civmec shares now up around 75% over the past year.
The stock has also gained 26% in 2026, helped by strong demand across resources, infrastructure, energy, and maintenance work.
Let’s take a closer look at the release.
Order book hits record $1.5 billion
According to the announcement, recent contract wins and extensions have taken Civmec’s order book to a record $1.5 billion.
The work comes from several parts of the business, including resources, infrastructure, energy, and maintenance.
Civmec said the new orders are expected to be delivered across FY27 and FY28.
Iluka and Perth Park contracts in focus
A large part of the update comes from work tied to Iluka Resources Ltd (ASX: ILU) and the Perth Park project.
At Iluka’s Eneabba Rare Earths Refinery in Western Australia, Civmec has secured extra structural, mechanical, piping, electrical, and instrumentation installation work.
The new scope builds on work Civmec was already doing at the site.
It also covers installation across key refinery process areas, with the project expected to support Iluka’s move toward commissioning from CY2027.
Civmec also pointed to the Perth Park project at Burswood Peninsula.
The alliance between Civmec, Seymour Whyte, and Aurecon has now been awarded the major construction contract.
The project runs from planning and design through to construction delivery, with the precinct expected to be substantially complete in late 2027.
Civmec said only its share of the alliance contract has been included in the order book.
Foolish Takeaway
Civmec is not a stock every ASX investor will know well, but the share price run is getting harder to miss.
The company provides construction and engineering services to the energy, resources, infrastructure, marine, and defence sectors.
After its latest rise, Civmec has a market capitalisation of about $937 million. It also trades on a price-to-earnings (P/E) ratio of about 25 times.
That means the stock is no longer trading like an overlooked small cap. But investors will now want to see how much of that order book can turn into profit.
The post This ASX stock just hit a record high. Here’s why investors are buying appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.