NRW Holdings (NWH) H2 2024 earnings summary

Executive summary

• FY24 delivered record results with revenue up 9.2% to $2.9 billion, driven by growth across all business units and strong performance from Primero.

• EBITDA rose 15.9% to $334.8 million; EBITA increased 17.4% to $195.1 million, including an $8.1 million gain from the Spartan Resources share sale.

• NPATN grew 18.6% to $123.8 million; normalised EPS up 17.7% to 27.3 cps.

• Record cash holdings of $246.6 million with a 94.9% conversion rate and a strong order book of $5.5 billion.

• Fully franked FY24 dividend of 15.5 cps, up 11.1% year-over-year, with a 57% payout ratio.

Financial highlights

• EBITDA margin at 11.5%; EBITA margin at 6.7% for FY24.

• Net debt at $78.8 million; gearing ratio at 12.1% (5.1% excluding leases).

• CapEx for FY24 was $192.9 million, expected to decrease by 5–10% in FY25.

• Cash conversion at 94.9%; net cash flow from operations was $233.5 million.

• Dividend payout ratio at 57%; net tangible assets increased to $445.0 million.

Outlook and guidance

• FY25 revenue guidance is $3.1 billion, with EBITA expected between $205–215 million.

• 90% of expected FY25 revenue is already in the order book, with $5.5 billion in active tenders and a $16.4 billion pipeline.

• Margin expansion is anticipated, driven by normalization post-COVID, improved cost discipline, and a diversified business model.

• Cash conversion and gearing expected to remain consistent with long-term averages.

• Debt facilities increased to $450 million to support corporate initiatives.