Lycopodium (LYL) H2 2025 earnings summary

Executive summary

• Achieved record FY25 revenue of $339.6 million and NPAT of $42.2 million, both at the top end of guidance.

• Expanded geographically through the acquisition of SAXUM, opening new offices in Argentina, Brazil, the US, and Vancouver, and rebranding ADP in Africa.

• Managed over 15.7 million man-hours and worked on more than 70 resource projects globally.

• Maintained a high-quality, diversified project portfolio across resources, industrial processes, and rail infrastructure.

• Maintained excellent safety record and invested in systems, processes, and people to support global growth.

Financial highlights

• FY25 revenue reached $339.6 million, up from $327.6 million in FY24, with NPAT of $42.2 million and EPS of 106.2cps.

• NPAT margin was 12.4%, exceeding the 10% target, and ROE was 30.4%.

• Cash at bank increased to $79.0 million, supporting the SAXUM acquisition without new debt.

• Fully franked dividend of 35cps declared, with a normalised payout ratio of 60%.

• Sundry income increase mainly due to a contract provision with Barrick, contributing $2 million.

Outlook and guidance

• Demand for engineering and delivery solutions expected to grow, driven by critical minerals and clean energy sectors.

• Guidance for the next financial year to be provided at the AGM in November, with expectations of sustained strong performance.

• Anticipates headcount growth to support ramp-up on multiple projects.

• Latin America project development to meet critical minerals demand, reinforcing SAXUM acquisition rationale.

• Strong outlook for gold and ongoing opportunities in industrial processes and rail infrastructure.