CSE Global (544) Q1 2023 TU earnings summary

Executive summary

• Q1 2023 revenue rose 35.5% YoY to S$159.435m, with growth across reported geographies and industry segments.

• The S$480.224m order book, up 39.6% YoY, supported confidence in better FY2023 financial performance.

Financial highlights

• Revenue increased from S$117.646m in Q1 2022 to S$159.435m in Q1 2023.

• Order intake was S$159.596m versus S$232.255m, down 31.3%; excluding two major Q1 2022 contracts, intake grew 3.5% YoY.

• Outstanding orders were S$480.224m versus S$344.014m a year earlier, up 39.6%.

Segment performance

• Energy revenue rose 21.8% YoY to S$70.7m on higher project and time-and-material revenue in the Americas; orders were S$86.3m versus S$105.5m.

• Infrastructure revenue increased 60.2% YoY to S$75.7m, led by Australia, the US and acquisitions; orders fell 45.1% to S$60.4m after a major prior-year data-centre order.

• Mining & Minerals revenue rose 5.8% YoY to S$13.0m; orders were S$12.9m versus S$16.7m, reflecting delays in Australian project awards.

• Americas revenue rose 38.1% to S$92.1m, Asia Pacific grew 29.7% to S$62.3m, and EMEA grew 71.7% to S$5.0m.