GenusPlus Group (GNP) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $551m for FY2024, up 24.1% year-over-year, with strong growth across all segments.

• Record normalised EBITDA of $45.3m, up 23.2% year-over-year; statutory NPAT of $19.3m, up 43.7% year-over-year; basic EPS up 43.4% to 10.8 cps.

• Cash inflow from operations totaled $82.8m, with a record cash balance of $101m, up 116% year-over-year.

• Declared a fully franked dividend of 2.5 cps, up 25% year-over-year.

• Significant operational achievements include successful integration of acquisitions, expansion into new states, and major renewable energy project wins.

Financial highlights

• Revenue: $551.2m (+24.1% vs FY2023); normalised EBITDA: $45.3m (+23.2%); statutory NPAT: $19.3m (+43.7%).

• Net cash position improved to $77.3m from $22.4m in FY2023; free cash flow before tax: $93.5m (EBITDA to FCF conversion 208%).

• Basic EPS: 10.8 cps; diluted EPS: 10.7 cps; dividend declared: 2.5 cps.

• Net cash from operating activities: $82.8m (+111.6%); record cash balance: $101m (+116%).

• Orderbook stands at $519m, with a tendered pipeline of $2bn and recurring revenue forecast at $251m.

Outlook and guidance

• FY2025 EBITDA expected to grow at least 20% on strong FY2024 momentum and $519m orderbook.

• Recurring revenue forecast at $251m for FY2025, up 12% from FY2024.

• Large pipeline of renewables and transmission projects to drive medium to long-term growth.

• Strong momentum expected from east coast operations and recurring services revenue.