Wagners Holding Company Limited H1 FY24 Results

Wagners Holding Company Limited reported a 20% increase in Group Revenue to $264.6 million for H1 FY24 compared to the prior corresponding period.

Concrete Worker


Summary

Wagners Holding Company Limited H1 FY24 Results

  1. Wagners Holding Company Limited reported a 20% increase in Group Revenue to $264.6 million for H1 FY24 compared to the prior corresponding period.

  2. Group Operating EBIT surged by 214% to $21.1 million, excluding a $5.7 million EFC asset impairment and other adjustments.

  3. The company achieved a significant debt reduction of $18.1 million, bringing total debt down to $86.6 million.

  4. Strong demand in Australia and New Zealand for Composite Fibre Technologies (CFT) products was observed, though performance in the United States was weaker.

  5. Following a strategic review, Wagners significantly scaled back operations and investment in Earth Friendly Concrete (EFC), resulting in a $5.7 million asset impairment.

  6. The FY24 outlook anticipates Group Operating EBIT to be in the range of approximately $31 to $34 million.

  7. The Construction Materials & Services (CMS) segment saw a 22% revenue increase to $233.9 million, driven by strong market conditions and demand in South-East Queensland.

  8. The CMS segment experienced margin improvement of 440 basis points to 11.8%, attributed to enhanced operating leverage and improved pricing.

  9. CFT revenues grew by 9% due to strong demand in Australia and New Zealand, despite losses in the USA segment.

  10. Wagners plans to continue protecting the intellectual property of EFC until its value is recognized by the industry.

  11. An investor webinar is scheduled to discuss these results further, featuring Managing Director Cameron Coleman and CFO Fergus Hume.

This announcement is a summary of the company approved ASX announcement on 21/2/2024 and is based on facts.