Guidance Update in their last announcement summed it up well.
Delays in the commencement of secured contracts persist nationwide, driven by ongoing global
and domestic economic uncertainty. This challenge is widespread, affecting both the public and
private sectors. While the pipeline of opportunities remains strong, the timing of project starts is
unpredictable, impacting short-term visibility and activity levels.
While it is encouraging that the Queensland Government has now completed its 100-day Brisbane
2032 Olympic and Paralympic Games review, overall activity levels in the state remain subdued.
However, we remain confident in the medium to long-term outlook, particularly in Queensland,
where we anticipate a significant uplift in activity as projects associated with the Brisbane 2032
Olympics begin to move into the execution phase.
Year to date, our secured hire contracts are up 35%, compared to the previous corresponding
period. Under normal trading conditions, this would have contributed a significant uplift in hire
revenues. We estimate that the current year’s EBITDA has been impacted by approximately $9m,
due to the work that has been secured but delayed into FY26. Nonetheless, we remain highly
optimistic about the potential for a significant uplift in EBITDA in FY26.
(FY25).
(underlying)
FY25
guidance
(previous)
FY25
guidance
(current)
% change
on PCP1
Sales $265.0m - $280.0m $260.0m - $270.0m +23%
EBITDA $82.0m - $88.0m $80.0m - $83.0m +9%
NPAT $35.5m - $37.5m $32.5m - $35.0m +2%
EPS 11.5 – 12.0cps 10.5 - 11.5 cps -5%
Will check current fy26 consensus but think it is EPS of 13.5c - so significant growth and sp rerate to look foward to next year.
Just have to be content with the dividend this year.
(20min delay)