MLG Oz (MLG) H2 2024 earnings summary

Executive summary

• Revenue reached $474.8m, up 23.7% year-over-year, driven by strong organic growth, high demand for services, and significant new project wins.

• EBITDA rose 58.0% to $55.3m, with margin improving to 11.8% from 9.3% year-over-year.

• Net profit after tax surged to $11.0m from $0.8m, reflecting operational improvements and margin expansion.

• No dividend declared to preserve capital for growth opportunities.

• Workforce expanded to over 1,300, supporting productivity and project delivery.

Financial highlights

• Revenue increased 23.7% to $474.8m, with EBITDA up to $55.3m and NPAT up to $11.0m.

• Gross profit rose 43.5% to $78.1m; EBIT up 329.3% to $20.2m.

• Net tangible assets per share increased 12.4% to 100.0c.

• Gearing reduced to 1.0x from 1.6x, with net debt at $56.6m and net assets up 10.8% to $130.8m.

• EBITDA margin improved to 11.8% from 9.3% in FY2023.

Outlook and guidance

• Expectation of continued high customer demand and organic growth from existing clients, with full-year contributions anticipated from new projects such as Granny Smith and Genesis.

• Revenue and EBITDA growth expected in FY2025, though early growth capex may limit NPAT growth.

• Ongoing focus on margin improvement, cost management, and productivity.

• Large-scale tender book and new contract wins expected to support future growth.