GR Engineering Services' (ASX:GNG) contracted and near-term pipeline across the business is "solid" and is continuing to grow, Euroz Hartleys said in a Wednesday note.

The firm reported fiscal first-half revenue of AU$218 million, down 20% from AU$272.1 million a year earlier. Its fiscal earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at AU$27.8 million, down 9.4% year over year.

There is organic growth potential from GR Production Services, Mipac, and Paradigm, plus a significant pipeline of major project opportunities for GR Engineering Services, the note added.

The investment firm maintained its buy rating on GR Engineering Services and raised its price target to AU$5 from AU$4.60.

GR Engineering Services' shares shed about 1% in recent Thursday trade.