TPC Consolidated (TPC) H2 2024 earnings summary

Executive summary

• Revenue grew 16.3% year-over-year to $159.8 million, driven by expansion in the core energy business and a 300% increase in customer meter base.

• Net profit after tax declined 68.0% to $5.4 million, mainly due to lower power margins and higher employee expenses.

• Underlying EBITDA fell 59.3% to $10.0 million, reflecting margin compression and increased costs.

• The company completed its exit from the mobile business and focused solely on energy retailing.

• A proposed acquisition by Wollar Solar Holding Pty Ltd is pending regulatory approval.

Financial highlights

• Revenue: $159.8 million, up 16.3% year-over-year.

• Underlying EBITDA: $10.0 million, down 59.3% year-over-year.

• Net profit after tax: $5.4 million, down 68.0% year-over-year.

• Gross profit and gain on sale of derivatives: $32.7 million, down 30.9% year-over-year.

• Cash and bank deposits: $21.0 million at year-end, down 36.5% from prior year.

• Net assets: $33.9 million, up 5.7% year-over-year.

Outlook and guidance

• Management expects to maintain profitability and cash flow in FY25, assuming no major deterioration in energy market conditions.

• Growth will be driven solely by the energy business, with a focus on cost control and operational efficiency.

• Strategic partnerships, acquisitions, and organic growth are being explored.