WasteCo Group (WCO) H2 2024 earnings summary

Executive summary

• Revenue grew 40% to $48.2m in FY24, driven by organic growth and acquisitions, with an annualised run rate of $55m in the last six months.

• Transitioned from private to public company on NZX, marking the first full year as a listed entity.

• Three major acquisitions: Cleanways, Bond Contracts, and Central Suction Cleaners, expanding South Island presence.

• New CEO David Peterson and CFO Nigel Franklin appointed to drive operational improvements and growth.

• Focus on asset optimisation, operational efficiency, and health and safety improvements.

Financial highlights

• Revenue increased to $48.2m in FY24 from $34.4m in FY23; annualised run rate $55m.

• EBITDA before non-recurring items for H2 FY24 was $4.09m, annualised to $8.18m.

• Net loss after tax widened to $4.14m from $1.92m in FY23, impacted by listing costs, acquisitions, and higher expenses.

• Operating loss of $2.79m in FY24 vs. $1.55m profit in FY23; loss before tax $5.74m.

• Equity increased by $6.53m, with a net $10.06m rise in share capital.

Outlook and guidance

• Targeting $80m annualised revenue in FY25 through acquisitions and organic growth.

• Focus on profitability, asset utilisation, pricing restructure, and further debt reduction.

• Continued expansion in Southland, Central Otago, and Nelson, with further acquisition opportunities identified.