SRG Global reports record financial results and upgrades guidance

SRG Global Limited (ASX: $SRG) has reported a record financial result for the first half of FY24, with EBITDA reaching $45.1m, marking a significant 33% increase from the first half of FY23. The company has also achieved a robust financial platform, evidenced by a cash conversion of 133%, resulting in a net cash position. Additionally, SRG Global has upgraded its FY24 EBITDA guidance to a range of $95m to $100m, reflecting its commitment to executing its long-term strategy.

Executive Commentary on Financial Performance and Strategic Outlook

The company's strong financial performance in the first half of FY24 reflects our continued focus on delivering above-market results. We are pleased to see the significant increase in EBITDA, which demonstrates the effectiveness of our strategic initiatives. The upgraded EBITDA guidance for FY24 underscores our confidence in sustaining this positive momentum and executing our long-term strategy. We remain committed to providing consistent, above-market shareholder returns and further strengthening our position as a sought-after diversified industrial services business.

Summary of SRG Global's Financial Performance and Outlook

SRG Global's record financial results for the first half of FY24, with a substantial increase in EBITDA and the transition to a net cash position, reflect the company's robust financial platform. The upgraded FY24 EBITDA guidance to $95m - $100m demonstrates the company's positive outlook and commitment to long-term growth. With a focus on annuity/recurring earnings and strategic acquisitions, SRG Global aims to continue its track record of delivering sustainable growth and providing consistent shareholder returns. The company's exposure to diverse sectors and geographies, along with a strong opportunity pipeline, positions it well for ongoing success.