GR Engineering Services Limited (ASX:GNG) (GR Engineering or Company) today announces its financial results for the half year ended 31 December 2023 (HY24).
HY24 Financial Results:
| Revenue: |
$187.3 million |
EBITDA: |
$22.6 million |
| PBT: |
$20.7 million |
Basic EPS: |
9.0 cps |
Overview
GR Engineering reported HY24 revenue of $187.3 million (HY23: $331.9 million) and EBITDA of $22.6 million (HY23: $20.6 million). GR Engineering achieved solid operational performance across the group with several key project completions occurring in the period including the Thunderbird Mineral Sands Project, Bellevue Gold Project and the Cosmos Nickel Concentrator Facility Upgrade.
GR Engineering’s ongoing pipeline of project work includes the West Musgrave Project, Mungari Future Growth Project and Kainantu Gold Project.
Commenting on the Company’s HY24 financial performance, GR Engineering’s Managing Director, Mr Tony Patrizi, said:
“The HY24 period was characterised by solid operational performance and the successful completion of multiple key projects. This resulted in a stronger EBITDA performance than the corresponding half year period.
Group revenue is expected to increase in the second half of FY24 based on the contracted and near term pipeline of work. The contracted pipeline of work has grown in the last six months due to the awards of the Mungari Future Growth Project and Kainantu Gold Project. The level of study work across a broad range of commodities remains high.
GR Engineering’s wholly owned subsidiaries, GR Production Services and Mipac, achieved revenue and earnings growth compared to the second half of FY23. The strategic acquisition of Paradigm Engineers subsequent to 31 December 2023 is expected to enhance Mipac’s control system and electrical design capabilities and expand its footprint in Western Australia.
I would like to take this opportunity to thank all our people, suppliers and subcontractors across the business for their commitment and contribution during the period.”
GR Engineering maintains its forecast FY24 revenue guidance of $500 million to $530 million.
Read the full ASX release inclusive of Key Earnings and Balance Sheet Data for HY24 below.
ASX Release
About GR Engineering
GR Engineering specialises in providing fixed price engineering design and construction services to the global resources and mineral processing industries. GR Engineering has a proven track record of delivering integrated project solutions in over 20 countries across all major commodity types. As a group, GR Engineering employs more than 500 professional, technical and support staff throughout Australia and internationally, in addition to a direct construction workforce and subcontracted personnel.
GR Engineering Services Limited is listed on the Australian Securities Exchange (ASX: GNG).
For further information please contact:
Tony Patrizi
Managing Director
+61 8 6272 6000
tony.patrizi@gres.com.au
Omesh Motiwalla
CFO & Company Secretary
+61 8 6272 6000
omesh.motiwalla@gres.com.au
Follow GR Engineering on LinkedIn.