Full Year 2024 MAAS Group Holdings Ltd Earnings Call Transcript
Key Points
- MAAS Group Holdings Ltd (ASX:MGH) reported a record full-year EBITDA of $207.3 million, representing a 27% growth from the prior year.
- The company achieved an 88% cash flow conversion rate, highlighting disciplined working capital management.
- Significant growth in the Greater Melbourne hub, with the addition of three hard rock quarries and five concrete plants.
- Successful capital recycling strategy, realizing proceeds of almost $72 million in FY24.
- Strong performance in the construction materials division, with EBITDA up 54% year-on-year.
- Slight increase in Lost Time Injury Frequency Rate (LTIFR) in FY24, indicating a need for improved safety measures.
- Revenue decline in the residential real estate business due to a 27% reduction in external home builds.
- Challenges in the civil construction and hire segment due to project timing, impacting the electrical business.
- Elevated interest rates impacting consumer confidence and suppressing near-term residential land sales.
- Commercial real estate business saw a 5% revenue decline and a 10% EBITDA decline, attributed to softer conditions and reduced fair value recognition.
Thanks very much. welcome, everybody. It's Tim Smart here, Head of Corporate Strategy and Investor Relations to MAAS Group. I appreciate you taking the time to dial in for our call today.
I know it's a very busy day across the market. In the room here, I've got our Managing Director and CEO, Wes Maas; as well as our CFO, Craig Bellamy. I'll hand over to Wes shortly. (Event Instructions)
So without further ado, I'll hand it over to Wes.
Thanks, Tim. good morning, and welcome, everyone, to FY24 results presentation.
In terms of agenda, I'll run through the first three sections and then hand over to our CFO, Craig Bellamy, who will run through the group-level consolidated financials, after which I'll wrap up and be sure to leave ample time for questions.
Our overarching aim is to compound capital, delivering attractive returns through the cycle. We've been
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