GR Engineering Services (GNG) H2 2024 earnings summary

Executive summary

• FY24 revenue was $424.1 million, down from $551.4 million in FY23, while EBITDA rose to $50.9 million from $44.4 million year-over-year, reflecting improved operational performance despite lower revenue.

• Net profit after tax was $31.2 million, and basic EPS increased to 18.9 cps from 17.0 cps in FY23.

• Major projects delivered included Thunderbird Mineral Sands, Bellevue Gold, and Cosmos Nickel Concentrator Facility Upgrade.

• Strong operational performance from core business, GR Production Services (GRPS), and Mipac contributed to results.

• Shareholder base increased from 3,346 to 4,563 over the year.

Financial highlights

• FY24 revenue: $424.1 million (down from $551.4 million in FY23).

• EBITDA: $50.9 million (up from $44.4 million in FY23); profit before tax: $46.1 million (up from $39.7 million in FY23).

• Net profit after tax was $31.2 million, up from $27.5 million year-over-year.

• Net assets/equity at 30 June 2024: $66.3 million/$66.4 million (up from $59.7 million in FY23).

• Cash balance at 30 June 2024: $74.6 million (down from $86.0 million in FY23); $31.3 million in fully franked dividends paid.

Outlook and guidance

• Strong orderbook and pipeline of opportunities across a broad range of commodities and geographies.

• Actively involved in multiple active tender opportunities and studies.

• Well-capitalized balance sheet supports delivery of future pipeline.

• Ongoing assessment of strategic growth opportunities to enhance scale, diversity, and technical expertise.

• FY25 guidance to be provided at the 2024 AGM in November, pending greater certainty on project timing.