SCEE Group Half Year Results Announcement

Southern Cross Electrical Engineering Limited (SCEE Group) (ASX: $SXE) has released its half-year results for the period ending 31 December 2023. The company reported revenue of $255.6m, matching the prior corresponding period, and a net profit after tax (NPAT) of $9.6m, in line with the record H1 profit performance of the prior corresponding period. SCEE Group also declared a fully franked 1.0 cps interim dividend and maintained its profit guidance for FY24. The company remains debt-free and is actively exploring a range of acquisition targets, with a significant pipeline of near-term data centre and infrastructure opportunities.

Executive Commentary on FY24 Results and Outlook

Commenting on the full year results, SCEE Group Managing Director Graeme Dunn said, 'This result is in line with expectations and particularly pleasing in the context that, given for the time being there are no replacements for those major resources projects completed in FY23, we have been able to make that difference up with growing levels of activity in the infrastructure sector. There is a further and near-term strong pipeline of data centre and infrastructure opportunities that we expect to capitalize on and with significant exposure to the electrification and decarbonisation initiatives across the economy we expect significant growth in FY25 and beyond.'

Summary of SCEE Group Half Year Results and Outlook

SCEE Group's half-year results for the period ending 31 December 2023 showed a matched revenue of $255.6m compared to the prior corresponding period, with a maintained profit guidance for FY24. The company's infrastructure sector revenue grew by 50.8%, compensating for the lower resources activity following the completion of major projects in the sector in FY23. SCEE Group remains debt-free and is targeting FY24 revenue of over $500m, with a significant pipeline of near-term data centre and infrastructure opportunities. The company's strategy focuses on deepening its presence in the resources, commercial, and infrastructure markets, while actively exploring acquisition targets to further geographic diversification and new capabilities. With significant exposure to electrification and decarbonisation initiatives, SCEE Group anticipates significant growth in FY25 and beyond.