GenusPlus Group (GNP) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $551m for FY2024, up 24.1% year-over-year, with strong growth across all segments.

• Record normalised EBITDA of $45.3m, up 23.2% year-over-year; statutory NPAT of $19.3m, up 43.7% year-over-year.

• Significant operational achievements include successful integration of acquisitions, expansion into new states, and major renewable energy project wins.

• Workforce grew to 1,059 employees, with a focus on safety, diversity, and talent development.

Financial highlights

• Revenue: $551.2m (+24.1% vs FY2023); normalised EBITDA: $45.3m (+23.2%); statutory NPAT: $19.3m (+43.7%).

• Basic EPS: 10.8 cps; diluted EPS: 10.7 cps; dividend declared: 2.5 cps, up 25% from FY2023.

• Net cash from operating activities: $82.8m (+111.6%); record cash balance: $101m (+116%).

• Net cash position: $77.3m (+244%); free cash flow before tax: $93.5m (EBITDA to FCF conversion 208%).

• Capex (net): $17.5m, with $9.5m debt funded.

Outlook and guidance

• FY2025 EBITDA expected to grow at least 20% on strong FY2024 momentum and $519m orderbook.

• Recurring revenue forecast at $251m for FY2025, up 12% from FY2024.

• Tendered pipeline increased to $2bn; additional opportunity leads exceed $3bn.