Full Year 2024 Kelsian Group Ltd Earnings Call Transcript
Key Points
- Kelsian Group Ltd (ASX:KLS) reported a record result for FY24 with revenue exceeding $2 billion, a 42.2% increase from FY23.
- The acquisition of All Aboard America Holdings Inc. (AAAHI) contributed significantly to the revenue and EBITDA growth, with AAAHI exceeding expectations in its first full year under Kelsian's ownership.
- The company successfully mobilized three new contract regions in Western Sydney, adding 700 new staff, 380 buses, and 5 bus depots.
- Kelsian Group Ltd (ASX:KLS) has established special purpose vehicles (SPVs) for ring-fenced public transport assets, enhancing capital efficiency for fleet electrification.
- The company has secured new corporate debt facilities with improved terms, including moving to an unsecured facility, providing ample capacity for growth.
- The company faced margin compression in its marine and tourism portfolio due to weather challenges and lower demand in the higher profitability months.
- There was a significant cost overrun of approximately $25 million for land side and marine infrastructure for Kangaroo Island, attributed to delays and escalating construction costs.
- The Singapore business experienced higher absenteeism and staff shortages, impacting performance incentives and revenue.
- The company incurred higher than normal levels of overtime in its Australian bus business, although this is expected to reduce gradually.
- The acquisition and integration of new assets and contracts have led to higher debt levels and increased interest costs.
Thank you. Good morning, everyone. Welcome to the Full Year Results Presentation for Kelsen Group Limited for the 12 months ended June 30, 2024. I'm Clint Feuerherdt, Managing Director and Group CEO, and I'm joined this morning by Andrew Muir, Group CFO, and Graeme Legh, CEO of All Aboard America Holdings or AAAHI as we refer to our US business.
This result marks the first year of AAAHI ownership. So we invited Graeme to join us on the webinar today. We're probably gain on the results, I want to say a few words on the announcement we made on Monday to provide some context.
Kelsian represents a portfolio of businesses that are high quality leading businesses in their respective markets. Sealink grown to be the leading tourism transport business in Australia, holding exclusive positions to iconic island destinations.
Transit systems, the largest and performance leading public transport business that has been grown through predominantly organic contract awards. Tower Transit
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
