Case study: Duratec

How RSM helped Duratec list publicly in a complex industry

Duratec Ltd provides assessment, protection, remediation and refurbishment services to both government and private owners for a range of assets and infrastructure.

Earlier this year, we caught up with Phil Harcourt (ex-Managing Director Duratec) for his experience working with RSM Australia. In 2020, Duratec’s Non-Executive Director (then Managing Director), Phil Harcourt and his team made the decision to go public and needed a trusted partner to assist them with the Initial Public Offering (IPO) process. After a strong and successful working relationship with RSM’s Corporate Finance team on their IPO Advisory, Duratec was also introduced to Audit Partner James Komninos and Principal AJ Neo and enlisted RSM to assist with Audit and Assurance requirements.

Phil says, “We did look at others, but RSM were the standout as far as we were concerned, and it all came back to the people. Meeting James and AJ and his team gave us a considerable amount of confidence that they would be the right fit. And they've proven that over the last three years.”

A long-term partnership based on trust and understanding

The IPO was a success, and the beginning of a strong relationship between Duratec and RSM.  RSM continued to work with Duratec to support their accounting and reporting needs. Our experts helped the newly listed company comply with relevant standards and regulations, as well as to identify and mitigate any risks that might arise from their contracts and projects.

One of the key factors that makes RSM different from other service providers is our deep understanding of our clients and their business. Phil appreciates our team’s nuanced comprehension regarding the unique nature of Duratec's contracts. 
 

“Importantly, they understand the nature of our contracts…I like the robust manner in which they challenge the decision making of our project managers and ensure that there’s no misstatement in terms of these contracts.” Phil Harcourt, Managing Director, Duratec.

The client experience at RSM

James Komninos has been with RSM for 31 years. He believes the client-first culture at RSM is the reason clients such as Duratec choose RSM as their long-term service providers.

“I believe Duratec stays with us as a client because truthfully, we try very, very hard to provide an excellent service to them. It is a matter of going above and beyond just the normal audit process. It's a matter of supporting them.” 

Phil Harcourt remains extremely satisfied with RSM’s service quality and client-centric approach and plans to remain a client for the long term. He would also recommend RSM to his peers in the industry.

“If I had a peer seeking advice in terms of recommendation for an auditor, I'd certainly tell them of the positive experience that we've had with RSM. The fact that they have reliable expertise, they're very people focused; we can totally rely upon them in terms of maintaining the integrity of our reporting.”

If you are looking for a consultant that can help you with your IPO or other accounting needs, contact us today. We have the experience, knowledge and extensive network to help you achieve your goals.