Leading national mining and civil contractor NRW Holdings (ASX: NWH) has released its financial results for the year to 30 June 2024.
NRW’s senior executive, led by managing director Jules Pemberton and chief financial officer Richard Simons, will be hosting an investor call today to discuss the FY24 results. The call will commence at 10:30am AWST. To participate in the call, register here.
HIGHLIGHTS
- FY24 record results:
- Revenue $2.9 billion, up 9.2% on FY23;
- EBITDA $334.8 million, up 15.9% on FY23;
- EBITA $195.1 million, up 17.4% on FY23 at a 6.7% margin; and
- NPATN $123.8 million, up 18.6% on FY23.
- Cash holdings of $246.6 million, 94.9% conversion.
- Normalised EPS 27.3 cps, up 17.7% on FY23.
- Strong order book of $5.5 billion, (inclusive of repeat business).
- Pipeline of near-term prospects is very solid at $16.4 billion, with $5.5 billion of active tenders.
- Fully franked final dividend of 9 cents per share; total FY24 dividend 15.5 cents per share up 11.1% pcp (on a comparable franked basis); equating to a 57% payout ratio.
“I’m very pleased to be able to deliver another set of record results to NRW’s shareholders,” Mr Pemberton said.
“These financial results reflect the strength of the different markets and sectors in which we operate across Australia and North America. Our diversified business model and continuing commitment to financial discipline have resulted in the group delivering revenue in FY24 of $2.9 billion, a 9.2% increase over FY23. More importantly, our EBITDA reached $334.8 million, up 15.9%, and our EBITA rose to a record $195.1 million, a significant 17.4% increase from FY23.
“The normalised earnings per share of 27.3 cents, up 17.7%, support our commitment to grow shareholder value.
“With a record headline cash position of $246.6 million, a strong order book of $5.5 billion and active tenders of a further $5.5 billion, the group’s potential for growth in FY25 is clear.
“I would like to thank and acknowledge the dedicated efforts of our 7,400 strong workforce as they have been instrumental in safely delivering these excellent results and securing the growth of our business. I would also like to thank and welcome our newest members of the team who have joined us through the HSE transaction at the South Walker Creek project. With the addition of these new team members, our workforce now totals approximately 8,000.”
NRW also confirmed guidance for FY25:
- FY25 full-year revenue is expected to be circa $3.1 billion;
- EBITA for FY25 is expected to be between $205 million to $215 million; and
- Cash conversion and gearing consistent with long-term averages.
“Our record performance in FY24 is the third year of consecutive earnings growth post the COVID-impacted FY21 year,” Mr Pemberton said.
“Together with an order book of $5.5 billion, of which circa $2.9 billion will be delivered in FY25, and active tenders of $5.5 billion, I have great confidence in the group’s future performance and growth potential.”
