Full Year 2024 Acrow Ltd Earnings Call Transcript
Key Points
- Acrow Ltd (ASX:ACF) reported a 28% improvement in revenue and a 40% improvement in EBITDA year-on-year.
- The company achieved a 39% increase in profit before tax, despite now paying a full tax rate of 30% compared to 8% in the prior period.
- The Industrial Services business now represents 33% of group revenue, driven by successful acquisitions and organic growth.
- New products such as Jumpforms and Acrowdeck are providing significant cross-selling opportunities and fresh revenue streams.
- The company has a record pipeline of contracts, now exceeding $200 million, indicating strong future growth potential.
- Despite the positive financial performance, the EPS remained flat due to the issuance of more shares over the year.
- The Commercial Scaffold segment experienced a decline, reflecting the cyclical nature of the market.
- The company faced a significant increase in tax expenses, now accounting for an additional $10 million due to the exhaustion of tax losses.
- Net interest expenses increased by 63%, driven by higher average debt and increased interest rates.
- The company incurred significant one-off costs, including acquisition-related expenses, branch relocations, and rebranding costs.
Thank you for standing by, and welcome to the Acrow Limited FY24 results conference. (Operator Instructions)
I would now like to hand the conference over to Mr. Steven Boland, CEO. Please go ahead.
Thank you very much, and thanks, everybody, for joining us this morning as we present another great year of growth for Acrow. I'm joined today by Matt Caporella, our Chief Operating Officer; and Andrew Crowther, our Chief Financial Officer. And each of those gentlemen will talk about their particular areas. So I'm going to run through the investor presentation that was released last night.
So firstly, headline numbers for the year, 28% improvement in revenue and 40% improvement in EBITDA year-on-year. Also, profit before tax was up 39%, and that's a very important number. Just I'll talk a bit about the fact that we're now a full total taxpayer is a fairly significant item for us in the year that now has normalized a lot of things in the business.
In terms of general
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