Perenti is pleased to deliver record revenue and underlying financial performance for the first half of FY24. Throughout the period we have achieved several significant milestones including the delivery of record revenue of $1.6bn, record underlying EBITDA of $312.4m and record underlying EBIT(A) of $148.5m. Our statutory NPAT(A) $69.8m is also up from $44.0m in 1H23, attributed in part to a gain on the DDH1 acquisition. The completion of the DDH1 acquisition has not only been a strategic success but has delivered $5.2m of cash synergies, in line with expectations. Looking ahead, Perenti is on track to deliver the targeted DDH1 transaction cash synergies of $22m by FY25, as well as identify additional synergies. A strong second half will underpin free cash which is forecast to exceed $100m for FY24. Managing Director & CEO Mark Norwell commented on these results highlighting the exceptional work that has driven the record revenue and underlying financial performance for 1H24. "With the completion of the transformative acquisition of DDH1, Perenti is pleased to have welcomed the committed and highly capable DDH1 employees into the wider Group. Since 6 October 2023, integration activities are progressing extremely well, with strong cultural alignment, which has already established a sense of camaraderie within the newly created Drilling Services Division. "We are pleased with the consolidated operational and financial performance that was delivered during 1H24. One of the many benefits of our globally diversified business is that the overall performance of the Group is not leveraged to any one project, commodity, jurisdiction or business. We have nearly four decades of experience across a range of our service offerings and are confident that the fundamentals of our business are robust. With the acquisition of DDH1 complete and with cash generation an ongoing strategic priority. "The ongoing performance of our business is a credit to our 11,000 people across the organisation. The safety and wellbeing of our people remains our number one focus of our sustainability priorities as announced in 2023." For Perenti’s full half year financial results visit our Investor Centre https://bit.ly/3OPJwtH #miningindustry #mining #investorrelations #roi
Great, well done.....
Sarah Sosnowski
8mo
Congratulations on a fabulous result!
Professional Director & Business Advisor
8moA positive outcome......keep up the good work.