Burger Fuel Group (BFG) H2 2024 earnings summary

Executive summary

• Net profit after tax for FY24 was $1.33M, up 47.4% year-over-year, marking the strongest result since listing in 2007.

• Total system sales (all brands, all regions) rose 10.22% to $117.1M compared to the prior year.

• Group revenue increased 13.58% to $27.3M, with solid store sales and new store openings contributing.

• The company faced significant legal costs related to a contested capital return, impacting profit.

• Board changes included new independent directors and the announced retirement of the Chair.

Financial highlights

• Operating revenue was $26.25M, up from $22.89M year-over-year.

• Net profit after tax reached $1.33M, up from $0.90M year-over-year.

• EBITDA (profit before interest, tax, depreciation, and amortisation) was $3.59M, up from $3.38M.

• Basic and diluted EPS were 2.64 cents, up from 1.79 cents year-over-year.

• Cash and cash equivalents at year-end were $9.57M, up from $8.20M.

Outlook and guidance

• FY25 sales expected to be flat at best due to economic headwinds and reduced consumer spending.

• Only one new BurgerFuel store (Whanganui) is planned to open in FY25.

• Focus will shift to investing in BurgerFuel, Shake Out, and technology, with Winner Winner development paused.

• Ongoing high costs and compressed margins may impact FY25 profits, but the company expects to remain profitable.