Aveng (AEG) 1H24 – Results Snapshot

Diluted HEPS 8.6cps, up 72.0% y-y from 1H23 HEPS of 5.0cps.
Strong growth in revenue (+38.7% y-y) to A$1 521m, driven by a strong performance by McConnell Dowell (+42.2% y-y).
GPM fell from 6.6% to 5.5%, largely due to the impact of hyper-escalation on project costs in Australia.
OPM improved by 30bps to 1.0%.
Expenses increased by 12.3% y-y, while expense to sales fell from 5.8% to 4.7%.
No dividend.
Gross debt increased by 134% y-y to A$72m.
Cash from operating activities improved from A$18m to A$115m.
Order book decreased from A$3.7bn in 1H23 to A$3.6bn in 1H24, but improved from A$3.5bn on 30 June 2023. The McConnell Dowell order book remained strong at A$3.1bn, while the Moolmans order book increased from A$0.2bn to A$0.5bn.