SHAPE Australia (SHA) H2 2024 earnings summary

Executive summary

• Achieved record financial performance in FY 2024, with the highest net profit after tax in company history, driven by strong project wins, operational resilience, and diversification into non-office sectors and new capabilities.

• Revenue for FY24 was AUD 838.7 million, down 2.7% year-over-year due to project delays, but with a robust backlog and pipeline for FY 2025.

• Maintained high client satisfaction, with a Net Promoter Score of +88 and 85% repeat business.

• Backlog orders grew 33% to AUD 457.4 million, and project wins reached AUD 947 million, up 18% year-over-year.

• Declared dividends per share increased 48% to AUD 0.17, and cash and marketable securities rose to AUD 98.6 million.

Financial highlights

• EBITDA rose 33% to AUD 25.9 million; net profit after tax increased 53% to AUD 16 million.

• Gross margin improved to 9.1%, reflecting better trading conditions and project mix.

• Earnings per share increased to AUD 19.2; total FY 2024 dividend declared at AUD 0.17 per share, up nearly 50% from FY 2023.

• Cash and marketable securities totaled AUD 98.6 million, with a strong liquidity position.

• Identified pipeline stands at AUD 3.2 billion, down 15.8% year-over-year.

Outlook and guidance

• No formal forward profit guidance provided, but no significant deviation in NPAT margin expected for FY 2025.

• Project delays from FY 2024 are catching up, with a robust backlog and pipeline supporting revenue for FY 2025.

• Modular segment and new service lines expected to be earnings accretive in FY 2025, assuming no major project delays.

• Defence sector project wins anticipated to recover as government spending resumes.

• Geographic expansion targets Gold Coast, Newcastle, and Tasmania, with regional project wins up 211%.