Mayfield Group Holdings (MYG) H2 2024 earnings summary

Executive summary

• Profit before income tax rose to $4.76M (FY23: $3.90M), reflecting improved operational performance and strategic execution.

• Net profit after tax was $5.10M (FY23: $5.80M), with recognition of $1.91M in prior years' tax losses as a deferred tax asset.

• Revenue increased to $85.7M (FY23: $77.8M), driven by a strong order book and focus on higher-margin opportunities, despite client delays and weather impacts.

• Cash balance at year-end was $16.32M, supporting ongoing investments and dividend payments.

• Expansion in WA, consolidation of facilities, and new product launches (e.g., Battery Energy Storage System) highlighted operational progress.

Financial highlights

• Revenue: $85.7M, up 10% year-over-year.

• Profit before tax: $4.76M, up 22% year-over-year.

• Net profit after tax: $5.10M, down from $5.80M due to lower tax benefit recognition.

• Operating cash flow: $16.07M (FY23: $8.63M), enabling debt repayment and dividends.

• Total assets: $57.35M; net assets: $34.15M.

• Land and buildings revaluation added $870,906 to the balance sheet.

Outlook and guidance

• High order book and strong pipeline through 2026, with blue-chip customers.

• Planned capacity expansion in WA and SA, including a new 25,000 sqm Perth site.

• Continued investment in product development (battery storage, AC/DC chargers) and digitisation.

• Focus on climate resilience, ESG initiatives, and supply chain diversification.