Overview of IPD Group Limited's 1H FY24 financial results

IPD Group Limited (ASX: $IPG) has announced its financial results for the half year ended 31 December 2023, with record half-year revenues and earnings at the top end of the guidance range. The company reported a revenue of $120.7 million, representing an 8.8% growth on the prior corresponding period (pcp), an EBIT of $14.0 million, reflecting a 21.7% growth on pcp, and a NPAT of $9.8 million, indicating a 22.5% growth on pcp. IPD also declared a fully franked interim dividend of 4.6 cents per share and strengthened its balance sheet with $142.7 million of net assets at period-end.

Executive commentary on 1H FY24 financial results

The Group is pleased to report record half-year revenues and earnings, demonstrating our commitment to delivering strong financial performance. The successful completion of the acquisition of EX Engineering Pty Ltd and the announced acquisition of CMI Operations Limited further solidify our strategic growth initiatives. We are also focused on enhancing our EV infrastructure team to capitalize on the growing EV infrastructure market, which is expected to boost operational efficiencies. Despite the increase in underlying operating expenses, we have achieved a 120 basis point improvement in Underlying EBIT margin to 11.6%, reflecting our dedication to operational excellence and strategic investments.

Summary of 1H FY24 financial results and outlook

IPD Group Limited (ASX: $IPG) has delivered record half-year revenues and earnings, with revenue reaching $120.7 million and EBIT of $14.0 million. The company completed strategic acquisitions, including the acquisition of EX Engineering Pty Ltd and CMI Operations Limited, and is focused on enhancing its EV infrastructure team to capitalize on the growing market. With a strong balance sheet and positive outlook for the business, IPD remains committed to innovation and playing a pivotal role in the electrification and decarbonization of the economy. The company anticipates significant projects to commence in the second half of the year, reflecting the buoyant outlook for its markets.