Austin Engineering (ANG) H2 2024 earnings summary

Executive summary

• Achieved record FY24 results with revenue up 21% to AUD 313 million and underlying NPAT up 71% to AUD 31 million, driven by broad-based growth across all regions and product lines.

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

• Order book reached a multi-year high of AUD 187 million, up 30% year-over-year, providing strong revenue visibility.

• Return on equity rose to 23%, and a fully franked dividend of AUD 0.012 per share was declared.

• Record financial and operational results attributed to the ongoing Austin 2.0 strategy and strong execution.

Financial highlights

• Revenue up 21% year-over-year to AUD 313 million, with APAC up 17%, South America up 26%, and North America up 27%.

• Underlying EBITDA increased 49% to AUD 46.6 million, with margin improving to 14.9%.

• Underlying NPAT of AUD 31 million, up 71% from prior year; EPS up 315% to AUD 0.051 per share.

• Operating cash flow up AUD 20.9 million to AUD 36.6 million; free cash flow after interest, tax, and capex was AUD 31 million.

• Net cash improved by AUD 23.7 million to AUD 9.6 million; net debt to capital ratio moved to +8%.

Outlook and guidance

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

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

• Order book at a record AUD 187 million, up 30% from prior year, supporting strong revenue visibility.

• Focus on maintaining order book strength, developing new customers and products, and expanding manufacturing capacity.

• No evidence of softening demand; major OEMs report strong order books.