Monadelphous (ASX: $MND) Half Year Results 2024

Monadelphous (ASX: $MND) has released its 2024 half-year results, reporting a revenue of $1,007.9 million from contracts with customers. The company achieved an EBITDA margin of 6.1 and a profit after tax attributable to equity holders of the parent amounting to $30.1. Monadelphous also secured over $1.8 billion of new contracts and extensions, resulting in a record cash balance at the half-year end.

Executive Commentary

The company is pleased to report a strong performance in the first half of 2024, marked by record levels of maintenance activity and a significant increase in the total workforce. We have also achieved a record cash balance and secured over $1.8 billion of new contracts and extensions. Our sustained focus on safety, wellbeing, diversity, and community engagement has been integral to our success. We remain committed to delivering high-quality services to our clients and are optimistic about the future outlook.

Summary

Monadelphous (ASX: $MND) has delivered a robust performance in the first half of 2024, with record levels of maintenance activity and a significant increase in the total workforce. The company secured over $1.8 billion of new contracts and extensions, resulting in a record cash balance at the half-year end. Monadelphous remains optimistic about the future outlook, with longer-term demand forecasts remaining strong across most commodities and a significant pipeline of prospects in resources and energy. The company expects FY24 revenue to increase around 10% on the prior corresponding period and is focused on maintaining appropriate risk allocation and assessing potential acquisition opportunities.