Perenti announces another year of record financial results for FY25
Perenti has delivered a strong result in FY25, exceeding or meeting all full year guidance
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Key points
- Record revenue: $3.49 billion, exceeding the previous full year record set in FY24.
- Record underlying EBIT(A): $333 million, underpinned by improved operational performance.
- Record underlying NPAT(A): $178 million, an 8% increase on FY24.
- Record statutory NPAT: $138 million, a 29% increase on FY24.
- Record Free Cash Flow: $286 million, including sale of equipment and inventory.
- Record normalised Free Cash Flow: $195 million, after removing the one-off benefit related to the conclusion of the underground project in Botswana.
- EBIT(A) margin strengthened to 9.6%, up from 9.4% in FY24.
- Leverage of 0.5x, illustrating the strong balance sheet position.
- Declaration of a 4.25cps final dividend, taking total FY25 dividends to 7.25cps, up 21% from FY24.
- Ongoing focus on enhancing our safety systems and creating a safe and respectful workplace.
- FY26 guidance:
◦ Revenue between $3.45 billion and $3.65 billion;
◦ EBIT(A) of $335 million to $355 million;
◦ Net capital expenditure of circa $340 million;
◦ Free cash flow greater than $160 million.
The Board and Management remain confident in the resilience that has been built into Perenti’s underlying business and the significant opportunities for growth ahead. Accordingly, the Board has declared a 4.25c per share final dividend, bringing the full year dividend to 7.25c per share.
Mark Norwell, Managing Director & CEO of Perenti, said: “We are pleased to report another year of positive performance, achieving record revenue, EBITDA, and EBIT(A). Perenti’s strengthened EBIT(A) margin demonstrates our commitment to financial discipline across the business. The record free cash flow and underlying NPAT(A) reflect our ability to generate sustainable value for our shareholders and consequently an increased final dividend of 4.25 cent per share has been declared. This brings total dividends for FY25 to 7.25 cents per share.”
“I remain proud to lead the dedicated team of committed people who deliver outstanding value to our clients. Our first priority remains the safety of our people and we will continue to improve our systems to ensure every team member returns home safely at the end of each shift. I am pleased to see positive momentum in the application of our safety processes but it should be recognised that this is a continuous improvement process and we must remain vigilant.”
“In addition to our focus on our people, Perenti has steadily improved our internal processes and selective approach to tendering. This work, has been important in strengthening our approach to contracting, reducing risk, and ultimately driving greater consistency in the business, delivering improved business performance, year on year.”
“The FY25 results are another demonstration of the resilient and consistent returns that Perenti can deliver, even through the inevitable fluctuations in commodity prices and market cycles. The key to our resilience and performance comes from building a portfolio of global mining service businesses of scale. The steady reduction of gross debt seen during recent years has deleveraged the business and built capacity for future growth opportunities to be pursued”
“The conclusion of the underground mining project in Botswana has allowed execution of the option to sell the equipment on site to the client. In combination with the sale of inventory, this returned $92 million to the business and has contributed to the recent early redemption of the final balance of the 2025 expiry Senior Unsecured Notes. This is a positive outcome for our shareholders given the project was not meeting our expected returns.”
“On behalf of the Board and Group Executive, I thank our clients and our people for their support and contribution in FY25 and I look forward to working with you as we progress through FY26.”
For the full ASX release and more information on our FY25 annual results visit our Investor Centre: