Lindsay Australia Limited (ASX: $LAU) Half-Year Ended 31 December 2023 Report

Lindsay Australia Limited (ASX: $LAU) has released its half-year report for the period ending 31 December 2023, showing a 23.9% increase in revenues to $417.9 million. The company acquired 100% of shares in W.B Hunter Pty Ltd on 7th August 2023, expanding its operations into the Victorian market. The report also highlights the successful performance of the transport and rural divisions, with underlying EBITDA reaching $52.1 million, a 21.7% increase from the prior comparative period.

Executive Commentary on Half-Year Performance

During the half year ended 31 December 2023, Lindsay Australia Limited continued to deliver positive results despite adverse economic and weather conditions. The acquisition of W.B Hunter Pty Ltd has provided us with a strong entry into the Victorian market, contributing to the 23.9% revenue growth. Our transport division achieved significant growth, with revenue increasing by 19.0% to $302.3 million, and the rural division, although facing industry headwinds, maintained a positive performance. We remain committed to delivering improved sustainability outcomes and have recommended a half-year fully franked dividend of 2.10 cents per share, representing a 10.5% increase from the prior period.

Summary of Half-Year Report and Outlook

The half-year report of Lindsay Australia Limited demonstrates its resilience and growth, driven by the successful acquisition of W.B Hunter Pty Ltd and the strong performance of its transport and rural divisions. The company remains focused on controlling and reducing costs, investing in fleet renewal, and delivering improved sustainability outcomes. Lindsay is on track to deliver underlying EBITDA towards the lower end of the previously provided guidance range of $102 million - $108 million in FY24, representing a c.13% increase from the prior comparative period. The Board continues to monitor the impacts of events as circumstances are subject to sudden change.