Announcement of FY24 Full Year Financial Results
MLG is pleased to announce a materially higher profit for the year ended 30 June 2024 with strong revenue growth and improving margins.
Our Full Year Financial Results are in, and we’re excited to share MLG’s strong performance.
MLG is pleased to announce materially stronger first half profitability compared to HY2023, resulting from high revenue growth and a significant improvement in profit margin.
Highlights:
- Statutory Revenue up 28.7% to $226.4 million, as compared to the prior corresponding period (pcp).
- Statutory Earnings before interest, tax, depreciation and amortisation (EBITDA) of $28.5 million (up 71.8% on pcp of $16.6 million).
- Statutory Net Profit After Tax (NPAT) up 174.4% to $7.1 million (pcp $2.6 million).
- 12.8% Pro Forma1 EBITDA margin is materially higher than the second half of FY2023 which was 9.7%.
- Capital expenditure in line with expectations at $18.6 million (pcp $18.2 million) with sustaining capital expenditure of $9.0 million and growth capital expenditure of $9.6 million.
- Further reduction in financial debt and improved working capital position. Financial debt, including operating leases of $52.3 million and gearing ratio of 1.1x (Financial debt / last twelve months EBITDA)
- Continued high demand for services and organic demand for higher volumes supports positive outlook for FY2024. High growth outlook has deferred dividend decision for now.
“We are very pleased to have delivered this material improvement in profitability and to have supported our clients in driving higher volumes. We remain committed to improving our margins to ensure our business remains sustainable over the longer term and the improvement in EBITDA margin to 12.8% is an important step in demonstrating this. The financial performance over the last 12 months has been steadily improving due to the efforts of our people and the decisions being made by our management teams. I am immensely proud of this result and the progress being made across the business.”
Murray Leahy Managing Director MLG Oz Limited
For a detailed overview of our Half Year Financial Results, read our Announcement or visit the ASX:MLG.
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