Moury Construct (MOUR) H1 2024 earnings summary

Executive summary

• Revenue rose 4.5% to €98.0 million for H1 2024, driven by the full-period contribution of the D-FI Group acquisition.

• Net income increased 16.4% year-over-year to €14.2 million, reflecting improved operational performance.

• Operating margin improved to 17.5% from 15.4% in H1 2023.

• The group completed the absorption of Volt'Air SA and Ourth'Invest SA into D-FI, streamlining operations.

• The order backlog reached €335 million at June 30, 2024, supporting future growth.

Financial highlights

• Revenue: €97.97 million, up from €93.75 million in H1 2023.

• Operating income: €17.33 million, up 18.4% year-over-year.

• Net financial result: €1.93 million, mainly from treasury placements and positive fair value adjustments.

• Net income: €14.2 million, up from €12.2 million in H1 2023.

• Net cash position: €105.1 million at June 30, 2024, up from €99.8 million at year-end 2023.

Outlook and guidance

• Management expects higher full-year results for 2024, supported by a strong order book and solid financial position.

• Dividend policy to be maintained, with €11 gross per share paid in June 2024.

• Recent major contracts include student housing, apartment buildings, educational facilities, and biotech labs.