ISOTeam (5WF) H2 2022 earnings summary

Executive summary

• FY2022 revenue rose 0.9% YoY to S$99.9m; gross profit improved to S$7.8m from S$0.5m, and attributable loss narrowed to S$10.0m from S$14.5m.

• Order book was S$160.2m at 30 June 2022, supporting work through FY2024; an additional S$49.8m of contracts was announced on 22 August 2022.

Financial highlights

• FY2022 revenue was S$99.9m, up 0.9% YoY; 2H revenue was S$54.8m, down 12.0% YoY.

• FY2022 gross profit rose to S$7.8m from S$0.5m; 2H gross profit was S$4.6m versus S$0.3m.

• FY2022 attributable loss narrowed 31.6% YoY to S$10.0m; 2H attributable loss narrowed 23.3% to S$6.6m.

Outlook and guidance

• S$160.2m order book at 30 June 2022 included projects scheduled through 30 June 2024; a good proportion were secured post-COVID-19 at appropriate pricing.

• Tendering will account for market conditions and delivery resources; priorities include technology, digitalisation, productivity, cash conservation and cost control.

• Renewable energy installation is an area for further opportunity exploration.