Announcement of FY24 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 a materially higher profit for the year ended 30 June 2024. Strong revenue growth and improving margins have helped significantly improve our financial performance.

Highlights:

• Statutory Revenue up 23.7% to $474.8 million, as compared to the prior corresponding period (pcp).
• Statutory Earnings before interest, tax, depreciation and amortisation (EBITDA) of $55.3 million (up 58.0% on pcp of $35.0 million).
• Statutory Net Profit After Tax (NPAT) up 1,253.5% to $11.0 million (pcp $0.8 million).
• 11.8% Pro Forma1 EBITDA margin up 26.9% on pcp of 9.3%.
• Total capital expenditure of $49.6m is higher following the addition of new projects (Gold Fields, Granny Smith operation) during the year and the preparation for growth with Genesis into F2025.
• Net Tangible Assets (NTA) per share up 12.4% to 100.0c per share.
• Net debt of $56.6m, with a gearing ratio* of 1.0x down 37.5% on the pcp of 1.6x.
• Given the growth outlook for the group and the potential capital requirements required to execute these opportunities, the Directors have determined that no dividend will be declared for this year.
• The outlook for FY2025 remains strong with continued expectation of high levels of customer demand, and the full year impact of new projects established in FY2024.

MLG remains at the forefront of mining services, driven by our dedicated team of 1,300 total workforce, loyal clients, and supportive investors.

Our outlook for the remainder of 2024 remains positive, with strong customer demand expected to continue. We’re excited to continue delivering exceptional service to our clients and actively supporting our local communities.

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