GenusPlus Group (ASX:GNP) reported fiscal first-half revenue of AU$333 million, up 33% from the previous year, with normalized earnings before interest, taxes, depreciation, and amortization of AU$27.4 million, in line with expectations, according to a Monday note by Euroz Hartleys.

The company's order book grew from AU$1 billion to AU$1.5 billion, with fiscal 2025 recurring revenue forecasts rising to AU$276 million, Euroz Hartleys said.

Despite an AU$13.2 million decrease in net cash, Euroz Hartleys notes that Genus Plus' balance sheet remains strong.

The power and communications infrastructure firm also has an AU$2.2 billion tender pipeline and increased budgeting opportunities, now at AU$4 billion, Euroz Hartleys added.

Euroz believes Genus Plus' recent contract wins, including the AU$140 million contract with Ausgrid and the notice to proceed from Transgrid for the AU$4.8 billion HumeLink transmission project, offer long-term opportunities spanning decades.

The investment firm also said Genus Plus is poised to "meaningfully" participate in the transformation of the Australian electrification system.

Euroz maintained Genus Plus' buy rating and its price target of AU$3.05.

Shares of the company fell 3% in recent Tuesday trade.