Half Year 2024 Shine Justice Ltd Earnings Call Transcript
Key Points
- Shine Justice Ltd (ASX:SHJ) achieved $29.11 million in gross operating cash flow for the half, marking a significant turnaround from the previous corresponding period (PCP).
- The personal injuries practice billed fees increased by more than 15% compared to the PCP.
- The company has resumed paying dividends due to strong cash performance.
- Shine Justice Ltd (ASX:SHJ) has embarked on a targeted advertising campaign, resulting in record inquiries for the firm.
- The company has made significant progress in reducing its debt, lowering it from $64 million to $49 million.
- Revenue was down 9.47% at $100 million compared to the PCP of $111 million.
- Adjusted EBITDA decreased by 17.48% to $22.2 million from the PCP of $26.91 million.
- Adjusted NPAT fell by 39.9% to $6.4 million from a PCP of $10.7 million.
- The company faced significant write-offs related to the Ethicon and Boston mesh cases, impacting earnings.
- Turnover and lost productivity due to the ongoing 'war for talent' in legal services remain issues for the firm.
Thank you for standing by and welcome to the Shine Justice Ltd 2024 Half Year Results Teleconference.
(Operator Instructions) I would now like to hand the conference over to Mr. Simon Morrison, Managing Director and CEO. Please go ahead.
Thank you and welcome to the FY '24 H1 results for Shine Justice.
My name is Simon Morrison. I'm the Managing Director and CEO of Shine. Speaking with me today is our CFO, Ravin Raj.
We might get straight to it. We'll start with Slide #5 and the key metrics for the half. There are 3 areas I will talk to in respect to those results, and Ravin will provide us some more detail later in the presentation.
So I'd like to start with cash. Our primary objective in the FY '24 was to focus intently on our cash generation in the business. Pleasingly, we achieved $29.11 million in gross operating cash flow for the half. That was nearly a $40 million turnaround on the PCP number. The other pleasing number
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