Supply Network (SNL) H2 2024 earnings summary

Executive summary

• Revenue grew 20% to $302.9m for FY2024, with profit after tax up 20.5% to $33.0m and PAT margin steady at 10.9%.

• Australian revenue rose 21% year-over-year, New Zealand revenue up 15% in local currency.

• Operating expenses increased in line with sales and inflation, with continued investment in customer service and capacity.

• Network expansion included a new Yatala branch and capacity upgrades in multiple locations.

• No material impact from Red Sea shipping disruptions; supply chain improvements ongoing.

Financial highlights

• Revenue from ordinary activities: $302.9m, up 20% year-over-year.

• EBIT: $49.3m, up 21%; EBITDA: $58.4m, up 21%.

• Net profit after tax: $33.0m, up 20.5%; EPS: 78.61c, up from 66.51c.

• Ordinary dividends paid: 51.0c per share; final dividend declared: 33.0c per share.

• Net tangible asset backing per share: 242.9c, up from 187.2c.

Outlook and guidance

• FY2025 revenue growth expected to align with long-term average of 14% p.a.

• Addressable market anticipated to grow 5–10% p.a. for at least a decade.

• Focus remains on organic growth, product range expansion, and network intensification.

• ERP system upgrade to conclude in 1H FY2026.