Half Year 2024 Johns Lyng Group Ltd Earnings Call Transcript
Key Points
- Johns Lyng Group Ltd (ASX:JLG) reported a record BaU financial performance with Group EBITDA of $69.7 million, including IB&RS BaU EBITDA growth of 28.1% to $55 million.
- Group sales revenue for the period was $610.6 million, with earnings per share of $0.0847.
- The company has a strong balance sheet with cash conversion for the period at 95.8% and net assets increased to $460.3 million.
- Johns Lyng Group Ltd (ASX:JLG) extended contracts with Hollard and Suncorp and secured new contract wins with RAA, Safety Culture Care, and Tower Insurance.
- The company has issued an earnings upgrade, forecasting FY '24 revenue at $1.2 billion and EBITDA at $136.4 million, reflecting a 5% increase over previous guidance.
- Cat revenue of $120.4 million was $65.7 million lower than the previous corresponding period.
- The U.S. business saw a sequential margin decline by 1 percentage point due to investments in expansion and startup businesses.
- Commercial Construction segment reported a loss of $6 million in the first half with an additional $1 million loss expected in the second half.
- Revenue in the U.S. market was down year-on-year, with first half '24 revenue at $112 million compared to $114 million in the previous period.
- The company faces regulatory and permitting delays in the U.S., slowing down the start of projects and impacting revenue growth.
Hello. Thank you for standing by and welcome to the Johns Lyng Group 1H '24 Results Call. (Operator Instructions)
I would now like to turn the conference over to Mr. Scott Didier, Group CEO. Please go ahead, sir.
Good morning, everyone. My name is Scott Didier. I'm the CEO of Johns Lyng Group. I'd like to welcome you all to this morning's conference call as we present our results for the first half of the 2024 financial year. I'm joined today by our Australian CEO Nick Carnell; Group Chief Operating Officer, Lindsay Barber; Group Chief Financial Officer, Matthew Lunn; Adrian Gleeson, Executive Director, Investor and Business Relations; and Gemma Sholl, Senior Executive Assistant.
I'll commence this morning's presentation with some introductory remarks and overview of our results and performance throughout the period before finishing with a strategic and financial outlook with upgraded forecasts. At the conclusion of the presentation, we
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