Summary
Service Stream Limited released its financial results for the first half of the fiscal year 2024, showing a total revenue of $1,173.8 million, an 18.1% increase from the previous year.
The company's Underlying EBITDA from Operations rose by 14.9% to $63.3 million compared to the same period last year.
Net Profit After Tax and Amortization (NPATA) increased by 46.9% to $25.2 million.
The company achieved an EBITDA to Operating Cash Flow Before Interest and Tax (OCFBIT) cash conversion rate of 111%.
Service Stream returned to a net cash position of $3.3 million.
Over $1.2 billion of contracted works were secured during the period.
An interim dividend of 2.0 cents per share (fully-franked) was declared.
The company recognized an additional $9.8 million on a near-complete Queensland Project due to extreme weather impacts.
Service Stream anticipates a comparable level of underlying earnings in the second half of FY24.
The company prioritized safety, achieving a 26% reduction in high potential incident rates.
Service Stream is a leading provider of essential network services across Australia, listed on the ASX under the code SSM.
This announcement is a summary of the company approved ASX announcement on 22/2/2024.