'HC' contributor uawkn asked in a previous thread 'when the profit upgrade would occur'?
Well, it's here.
Revenue expected to grow in FY 21 compared to FY 20 by 13 per cent is impressive enough, but growing margins (profit) by an expected 27 per cent (EBITDA metric) is extremely good. Great.
The building and restoration services division in particular has performed extremely well.
Catastrophe recovery-related work is likely to be fairly volatile from year to year, evidenced by how revenue in FY 20 was $89m but this FY (21) the expectation is $76m. However, it's pleasing that margins in this area has risen as expected EBITDA from CAT is $8.9 million, only down from $9.2 million.
Ironically although the company attributes th work to northern NSW (Ballina, Byron Bay areas) and southeast Queensland, this morning in Melbourne the two major newspapers are headlining storms overnight that have left Ballarat, Ballan, Daylesford and Trentham without power, at least one house in suburban Lilydale (eastern Melbourne) with a collapsed ceiling and numerous trees and power lines down. Much will be irrelevant to JLG, but as reports emerge, sadly, inevitably some more buildings will have been damaged.
JLG specialises in returning the condition of buildings to how they were so at least a little work may flow. Mind you, today's problems in Melbourne and central Victoria are small compared to what occurred in north coast NSW and SE Queensland.
This company's good performance will also help insurance broking's SDF (disclosure: I hold) as it has JLG shares.
Wishing is good time wasted, but I didn't become aware of JLG until last year. It keeps a low profile but is a quiet achiever. No front page 'AFR' (or 'The Australian' Data Room/ front page) exposure for it, probably just how Directors like it.
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