Austin Engineering (ANG) H2 2024 earnings summary

Executive summary

• Achieved record FY24 results with revenue up 21% to $313.2 million, driven by broad-based growth, operational improvements, and the Austin 2.0 strategy.

• Underlying EBITDA rose 49% to $46.6 million, and statutory EBITDA increased 135% to $47.7 million.

• Underlying NPAT increased 71% to $31.0 million, and EPS grew 315% to 5.1 cents per share.

• Operating cash flow improved 132% to $36.6 million, moving from net debt to a net cash position of $9.6 million.

• Order book at June 30, 2024, reached a record $187 million, up 30% year-over-year.

Financial highlights

• Revenue up 21% year-over-year to $313.2 million, with APAC up 17%, South America up 26%, and North America up 27%.

• Underlying EBITDA of $46.6 million, up 49%; statutory EBITDA of $47.7 million, up 135%; EBITDA margin improved to 14.9%.

• Underlying NPAT of $31.0 million, up 71%; EPS increased 315% to 5.1 cents per share.

• Operating cash flow up $20.9 million to $36.6 million; net cash position of $9.6 million, reversing net debt of $14.1 million last year.

• Full-year fully franked dividend of 1.2 cents per share declared.

Outlook and guidance

• FY25 revenue guidance of ~$350 million, up 12% from FY24.

• Underlying FY25 EBIT expected at ~$50 million, up 30% from FY24.

• Order book at a record $187 million, up 30% year-over-year, providing strong revenue visibility.

• Focus on operational efficiency, product innovation, and recurring revenue streams.

• Capital expenditure projected to rise to ~$10 million in FY25 to support growth.