Baker Technology (BTP) H1 2024 earnings summary

Executive summary

• H1 2024 revenue rose 33% YoY to $52.4m, while net profit increased to $13.0m from $1.5m; higher vessel utilization, spare sales and FX gains contributed.

• Profit attributable to shareholders was $11.9m, up from $4.1m; basic and diluted EPS rose to 5.9 cents from 2.0 cents.

Financial highlights

• Gross profit increased 69% YoY to $19.8m; administrative expenses fell 4% to $10.8m.

• Pretax profit was $13.6m versus $1.7m; reported profit included $3.07m of foreign exchange gains and a $157k reversal of expected credit losses.

• Operating cash flow was $20.9m versus $20.1m; cash and short-term deposits closed at $98.3m, up from $87.5m at Dec 2023.

Outlook and guidance

• Management plans to remain conservative while strengthening core capabilities and productivity to be positioned for growth opportunities.