Perenti, Macmahon and Monadelphous have each seen record revenue increases in the 2023–24 financial year (FY24).
Perenti
A record underlying earnings before interest, taxes and amortisation (EBITA) of $314.2 million saw Perenti finish out FY24 strong.
Free cash flow hit $184 million, with managing director and chief executive officer (CEO) Mark Norwell congratulating the team on a successful year.
“The strong free cash flow has allowed us to further reduce leverage, recommence dividends, and continue our buyback, all while maintaining investment in earnings growth during FY24,” he said.
“Perenti is focused on delivering value and certainty for all its stakeholders. I am incredibly proud of our dedicated team who have delivered this record result.”
Perenti bought back $29.8 million of shares on market during FY24, representing approximately three per cent of shares on issue.
As a result of the record year, Perenti has also increased its FY25 guidance to include revenue of $3.4–$3.6 billion, net capital expenditure of approximately $330 million and free cash flow greater than $150 million.
Macmahon
Revenue was up 6.6 per cent for Macmahon, reaching $2 billion.
Elsewhere, underlying EBITDA hit $351.7 million, up 13.9 per cent, and free cash flow generated $74.5 million.
“Macmahon has delivered another year of growth in revenue and underlying earnings, with the FY24 financial results marking the eighth consecutive year we have met or exceeded market guidance,” Macmahon CEO and managing director Michael Finnegan said.
“Importantly, we delivered on our objective of improving return on average capital employed and free cashflow generation while ending the financial year with a stronger balance sheet and lower net debt.”
Finnegan said the acquisition of key Pit N Portal contracts and personnel enhanced the company’s capacity to organically grow.
“These sectors represent most of out long-term tender pipeline and will enable a continued reduction in capital intensity while also driving earnings and free cash flow growth,” he said.
Monadelphous
Monadelphous hit $2.03 billion in revenue in FY24, up 11 per cent on FY23.
This included a record full-year revenue for maintenance and industrial services of $1.32 billion, and engineering construction revenue of $712.7 million.
The company secured over $3 billion in new contracts and extensions since the start of FY24.
EBITDA hit $127.4 million, an increase of 16.8 per cent.
“Prospects remain positive in resources and energy, with Australian iron ore miners anticipated to continue investing, several new gas construction projects progressing, decarbonisation projects making up an increasing share of capital expenditure forecasts and the pipeline of renewable energy opportunities expanding,” Monadelphous managing director Zoran Bebic said.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
