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SRG Global (ASX: $SRG) delivers increased revenue, profit and cash, and upgrades FY24 guidance

SRG Global's 1H FY24 Financial Results and Outlook


SRG Global Ltd (ASX: $SRG) has reported its financial results for the six months ended 31 December 2023 ('1H FY24'). The company achieved a 34% increase in revenue to $510.7m and a 33% increase in EBITDA to $45.1m. Additionally, SRG Global has transitioned to a net cash position of $6.4m from a net debt of $17.0m in FY23. The company has also upgraded its FY24 EBITDA guidance to a range of $95m - $100m.

Executive Commentary on 1H FY24 Performance and Outlook


SRG Global's Managing Director, David Macgeorge, expressed satisfaction with the company's 1H FY24 results, attributing the strong performance to the execution of their strategy and the hard work of the entire team. He highlighted the company's transition to a diversified industrial services business, which continues to yield positive results. Macgeorge also emphasized SRG Global's strong financial position, with a significant Work in Hand of $1.9b and an Opportunity Pipeline of $6.5b, positioning the company for long-term sustainable growth. The company's decision to pay shareholders an interim fully franked dividend of 2.0c per share, in line with last year's dividend, reflects their commitment to funding the growth phase of their strategy while delivering increased dividends to shareholders. Furthermore, the upgrade of FY24 EBITDA guidance to a range of $95m to $100m marks a significant step-change in SRG Global's growth journey.

Summary of 1H FY24 Results and Future Outlook


SRG Global's 1H FY24 results demonstrate a robust financial performance, with increased revenue, profit, and cash generation. The company's strategic transformation to a diversified industrial services business has been a key driver of this success. With a Work in Hand of $1.9b and an Opportunity Pipeline of $6.5b, SRG Global is well-positioned for long-term sustainable growth. The upgrade of FY24 EBITDA guidance to a range of $95m - $100m reflects the company's confidence in its continued growth trajectory. SRG Global's strong performance across diverse sectors, combined with its focus on annuity-style earnings and exposure to broader macro-economic growth drivers, bodes well for its future outlook. The company's commitment to paying an interim fully franked dividend of 2.0c per share further underscores its financial strength and shareholder value proposition.

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