Civmec (ASX:CVL) H2 2024 earnings summary

Executive summary

• Civmec is a multidisciplinary Australian heavy engineering and construction company serving energy, resources, infrastructure, marine, and defence sectors, with 15 years of operational success since 2009.

• Strategic facilities across Australia, including major hubs in Henderson, Port Hedland, Gladstone, and Newcastle, support national project delivery and maintenance.

• Recent re-domicile to Australia aligns corporate structure with operational footprint and enhances eligibility for local content projects.

• Strong ESG focus, including workforce diversity, emissions reduction targets, and community engagement.

Financial highlights

• FY24 revenue rose 24.4% to A$1.03b compared to FY23.

• NPAT increased 11.7% to A$64.4m year-over-year.

• EBITDA grew 10.7% to A$120.8m; EPS up 11.2% to 12.7c.

• Final dividend of 3.5c declared, total dividend 6.0c, up 20% from FY23.

• NAV per share increased 15.5% to 96.2c.

Outlook and guidance

• Order book exceeds A$853m with high confidence in replenishment and medium-term growth.

• Pipeline of priced opportunities remains at historical highs, tracking over A$10b outside naval shipbuilding.

• Strong balance sheet, consistent returns, and improved share price with further upside potential.

• Dividend yield of ~5.5% fully franked (~8% including franking credits).