Tasmea (TEA) H2 2024 earnings summary

Executive summary

• FY24 pro forma revenue reached $407m, up 10.8% year-over-year; statutory revenue was $400m, up 25.0% from FY23.

• Pro forma EBIT grew 27.4% to $54.8m; statutory EBIT rose 53.2% to $46.4m.

• Pro forma NPAT was $36.9m, up 29.9% year-over-year; statutory NPAT was $30.5m, up 56.5%.

• Strong cash generation with operating cash flow of $49.8m and a 107% OCF/EBIT conversion rate.

• Fully franked final dividend of 4.0cps, total FY24 dividend 6.5cps, up 85.7% from FY23.

Financial highlights

• Pro forma revenue up $39.8m (10.8%) and statutory revenue up $80.0m (25.0%) compared to FY23.

• Pro forma EBIT margin at 13.5%; statutory EBIT margin improved significantly.

• EPS (statutory) 15.2c, up 53.5% from FY23; pro forma EPS 18.4c.

• Return on capital employed 28.2%; return on equity 37.2%.

• Net debt to pro forma EBIT at 0.6x, reflecting a conservative balance sheet.

Outlook and guidance

• Positioned for continued organic and programmatic acquisition growth, supported by LTI incentives.

• Focus on expanding specialist services in fixed plant maintenance and recurring revenue streams.

• Maintenance activity expected to remain stable despite softening project work.

• Integration of recent acquisitions to drive further growth in FY25.

• Strong industry tailwinds in mining, electrification, and infrastructure underpin positive outlook.