Announcement of FY23 Full Year Financial Results

Our Full Year Financial Results are in, and we’re excited to share MLG’s strong performance.

MLG is pleased to announce an improved FY2023 performance, resulting from a significant increase in profitability over the second half of FY2023, and a strong outlook for further improvement in FY2024.

Highlights:

• Statutory Revenue of $383.8 million up 32.4% on the prior corresponding period (pcp).
• Statutory Earnings before interest, tax, depreciation and amortisation (EBITDA) of $35.0 million (up 16.3% on pcp $30.1 million).
• Underlying EBITDA of $38.1 million up 27.0% on pcp (excludes the non-cash loss on sale incurred from the sale of the high-capacity crushing plants [$6.6 million] and non-cash write-off of inventory and ancillary equipment [$3.1 million]).
• Statutory Net Profit After Tax (NPAT) of $0.8 million (pcp $4.8 million).
• Underlying NPAT of $10.5 million up 18.8% on pcp (excludes the non-cash loss on sale incurred from the sale of the high-capacity crushing plants [$6.6 million] and non-cash write-off of inventory and ancillary equipment [$3.1 million]).
• Material improvement in performance in the second half of FY2023.
• Lower capital expenditure of $38.2 million (pcp $55.8 million) with sustaining capital expenditure of $19.6 million and growth capital expenditure of $18.5 million.
• $10.1m reduction in financial debt and improved working capital position. Financial debt of $54.1 million and gearing ratio of 1.4x (Financial liability/underlying EBITDA).
• A strong pipeline of secured work, improving margins, capacity to deploy equipment and scope for additional works within our existing client base provide a positive outlook for FY2024.

“I am very proud of the effort of our team in responding to what was a very challenging first half and successfully delivering a material improvement across all aspects of our business.” “We have achieved a significant number of very important milestones which have helped drive revenue and margin as well as improve our overall capital position”. With our growing headcount driving improved productivity and the implementation of our new financial systems and daily productivity analytics our managers now have the tools to help monitor and drive performance across the group and continue to drive improvements in margin.”

Murray Leahy Managing Director MLG Oz Limited

For a detailed overview of our Full Year 2023 Financial Results, read our Announcement or visit the ASX:MLG.