Boom Logistics Q3 FY24 Trading Update

Boom Logistics Limited (ASX: $BOL) has released its trading update for the three-month period ending 31 March 2024, reporting a quarterly revenue of $60.2 million and year-to-date (YTD) revenue of $189.8 million, reflecting a 28% increase compared to the same period last year. The company's capex for the quarter amounted to $8.2 million, with asset sales proceeds of $4.8 million. Additionally, the Unmarketable Parcels Sale Facility closed successfully, with 512 shareholders participating, and the share buy-back program recommenced on 15 April 2024. Boom Logistics has reiterated its guidance for FY24 revenue of approximately $240 million and over $6 million in Operating NPAT.

Executive Commentary on Q3 FY24 Performance

The continued improvement in Boom's operational and financial performance during the March quarter is a reflection of the improved operating environment across our core markets and the execution against our strategic priorities. Our improved performance, coupled with enhanced visibility on the operating environment for the remainder of FY24 delivers confidence in our full-year guidance of Operating NPAT to exceed $6 million and revenue of circa $240 million. The positive operating outlook, our continued execution against our strategic roadmap, a healthy balance sheet and optimised assets places the Company in a position to drive enhanced and sustained returns for our shareholders.

Summary of Q3 FY24 Trading Update

Boom Logistics Limited (ASX: $BOL) has reported a strong Q3 FY24 trading update, with a 28% increase in YTD revenue compared to the same period last year, reaching $189.8 million. The company's operational highlights include zero Lost Time Injuries (LTIs) reported during the quarter, labour efficiency of 83%, and asset utilisation of 85%. Additionally, Boom Logistics has secured over $114 million in new contract wins and renewals YTD in FY24, indicating continued growth in the Resources, Infrastructure, and Windfarm markets. The company remains well-positioned to benefit from significant growth opportunities in the Renewables and Infrastructure markets as Australia transitions to new energy sources. With a healthy balance sheet and optimised assets, Boom Logistics is confident in delivering enhanced and sustained returns for its shareholders, as reflected in its full-year guidance of Operating NPAT to exceed $6 million and revenue of circa $240 million.