Full Year 2024 Service Stream Ltd Earnings Call Transcript
Key Points
- Service Stream Ltd (ASX:SSM) reported significant double-digit increases in revenue, earnings, and profits for FY24.
- The company achieved a net cash position, exceeding expectations set at the half-year mark.
- The utilities segment saw successful renegotiation or exit of loss-making agreements, contributing to improved margins.
- The telecommunications segment surpassed $1 billion in annual revenue for the first time.
- The company declared a fully franked dividend of $0.045 per share, reflecting a 200% increase on the prior year.
- The company incurred approximately $7 million in additional costs for bidding on the defense-based services transformation tender.
- Despite improvements, the utilities segment still has further work to do to achieve target margins.
- The transport segment saw a reduction in revenue by $73 million due to demobilization of WA regional road operations.
- The Queensland project incurred additional costs and delays due to rectification of damage from adverse weather events.
- The company expects to incur further costs in the new financial year related to the defense bid.
Good day and thank you for standing by, and welcome to Service Stream full-year results conference call. (Operator Instructions)
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Leigh Mackender, Managing Director; and Linda Kow, Chief Financial Officer. Please go ahead.
Yes. Thank you, operator, and good morning, ladies and gentlemen, and welcome to Service Stream's FY24 full-year results presentation. As per the introduction, my name is Leigh Mackender, the Managing Director of Service Stream; and I'm joined today by Chief Financial Officer, Linda Kow.
As per usual, we're recording this session today via webcast, so open to all registered ServiceStream shareholders, and we have a number of institutional investors and analysts on the conference call and welcome to participate in the Q&A session at the conclusion of the presentation.
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