Overview of OM Holdings Limited's FY2023 financial results

OM Holdings Limited (ASX: $OMH) has released its FY2023 financial results, reporting a revenue of US$589.2 million, a positive cash position, and a focus on debt reduction. The company's adjusted EBITDA for FY2023 was US$94.9 million, with lower average selling prices impacting margins despite higher volume sold. The presentation currency was changed from AUD to USD with effect from 1 Jan 2022.

Executive commentary on FY2023 financial performance

The company's FY2023 financial performance reflects our continued commitment to debt reduction and prudent cash management. Despite lower average selling prices impacting margins, we have maintained a positive cash position and recorded a positive operating cash flow of US$30.3 million. Our focus remains on paying down debt, as evidenced by the repayment of US$47.6 million comprising Sarawak project finance loan and other facilities. We are pleased with the stable contribution from trading and the progress in the mining segment, with the board approval for the restart of the Ultra Fines Plant obtained in November 2023.

Summary of FY2023 financial highlights and outlook

OM Holdings Limited's FY2023 financial results demonstrate a focus on debt reduction, positive cash position, and stable contribution from trading. The company's adjusted EBITDA for FY2023 was US$94.9 million, with lower average selling prices impacting margins despite higher volume sold. The board approval for the restart of the Ultra Fines Plant in November 2023 indicates progress in the mining segment. OM Holdings remains committed to balancing debt reduction with sustainable dividends and maintaining a prudent cash management approach. The company's outlook includes continued focus on debt reduction, stable contribution from trading, and the restart of the Ultra Fines Plant, aligning with its corporate strategy and goals.