GR Engineering Services (GNG) H2 2024 earnings summary

Executive summary

• FY24 revenue was $424.1 million, down from $551.4 million in FY23, while EBITDA rose to $50.9 million from $44.4 million year-over-year, reflecting improved operational performance despite lower revenue.

• Major projects delivered included Thunderbird Mineral Sands, Bellevue Gold, and Cosmos Nickel Concentrator Facility Upgrade.

• GR Production Services continued to provide operational and maintenance services to key clients such as Santos, INPEX, Eni, and QPM Energy.

• Shareholder base increased from 3,346 to 4,563 over the year.

• Fully franked dividends for FY24 totaled 19.0 cents per share.

Financial highlights

• FY24 revenue: $424.1 million (down from $551.4 million in FY23).

• EBITDA: $50.9 million (up from $44.4 million in FY23).

• Net assets at 30 June 2024: $66.3 million (up from $59.7 million in FY23).

• Cash balance at 30 June 2024: $74.6 million (down from $86.0 million in FY23); negligible external bank debt.

• Total fully franked dividends paid in FY24: $31.3 million.

Outlook and guidance

• Strong orderbook and pipeline of opportunities across a broad range of commodities and geographies.

• Actively involved in multiple active tender opportunities and studies.

• Well-capitalized balance sheet supports delivery of future pipeline.

• Ongoing assessment of strategic growth opportunities to enhance scale, diversity, and technical expertise.