Lindsay Australia Limited's Positive First Half FY24 Results

Lindsay Australia Limited (ASX: $LAU) has reported record first half FY24 revenue of $417.9 million, marking a 23.9% increase from the prior year. The company's underlying EBITDA also saw a significant rise of 21.7% to $52.1 million. Lindsay Australia Limited announced a first half fully franked dividend of 2.1 cents per share, reflecting a 10.5% increase compared to the same period last year.

Executive Commentary on Half Year FY24 Results

Lindsay Australia CEO, Clay McDonald, highlighted the resilient nature of the business despite challenging operating conditions. While the rural segment faced pressure due to commodity price and growing conditions, the transport division delivered positive results. The company expects softer conditions in the regional transport and rural business moving into the second half of the year, with an anticipated 13% growth in full year underlying EBITDA compared to FY23.

Summary of Lindsay Australia's FY24 First Half Results

Lindsay Australia Limited has continued its growth momentum from FY23 into the first half of FY24, reporting record revenue and underlying EBITDA. The company's transport division performed well, offsetting challenges faced by the rural segment. Despite adverse weather impacting the rural business, Lindsay Australia Limited remains positive about the value the division will add to its portfolio as conditions recover. The company's capital investment plan has been adjusted, and it anticipates a 13% growth in full year underlying EBITDA compared to FY23, aligning with the bottom end of its guidance.