Revenue, EBITDA and NPAT 24 are in line with their recent...

Revenue, EBITDA and NPAT 24 are in line with their recent trading update.

New elements :
- EBITDA margin increase (from 2.25 % to 3.09 %) is explained by a large improvement of their gross margin (9.8 % vs 8.2 %) which was already the case during H1 24 (gross margin of 9.7 % vs 7.9 % for H1 23),
- cash flow from operation (CFO) : 30 m$ (+ 27 %), growth in line with the EBITDA growth (+33 %).
However, part of this cash flow from operation does not look sustainable as CFO is above EBITDA (25.9 m).
Anyway, sustainable free cash flow (=EBITDA - capex - lease) is 22 m$, still represents a free cash flow yield of 18.7 %,
- final dividend (9 c) is up 38.5 %.
Total dividend for FY 24 is 17 c, which represents a yield of 6.6 %.

The main question about this company remains their ability to maintain their margin at this level.
2 elements given by the company about it :
- higher than usual % of projects being closed out in the period (which tend to boost the gross margin), like what they indicated for H1 24,
- they decided to withdraw from a number of low margin projects.