Seven Group Holdings Announces Resumption of Trading

Seven Group Holdings Limited (ASX: SVW) is a diversified operating and investment group which is having its investments and businesses in oil, gas and industrial services.

On 25 September 2018, the company made an official announcement which states that the ordinary shares of Seven Group Holding Limited which were placed into the suspend session state in error will start trading immediately on ASX. However, the Transferable extendable Listed Yield shares (ASX: SVWPA) are currently in Halt session state. After the release of this news, the company’s share prices increased by 0.85% as on 25 September 2018.

The Financial year 2018 was a year of growth and transformation for the company which was underpinned by strong operational and financial results across the Group. The Company’s EBIT is $497 million from continuing operations in FY 2018; and on a pro-forma basis, adjusting the prior year to reflect the current ownership in Coates Hire and Beach Energy, the Earnings before interest and Tax growth of the company is 32% in FY 2018 which is ahead of the 20 to 25% guidance range. On a continuing operations basis, the company’s underlying EBIT for the year ($497 million) in FY2018 is 67% higher than the previous year.

Underlying NPAT of the company increased by 72% to $322 million in FY2018 compared to last year. Company’s Intangible assets increased by $1.2 billion in FY2018 which is reflecting the goodwill and Coates brand name was recognized on acquisition. The Consolidated revenue of the company was up by $926 million or 41 per cent in FY 2018. Product sales revenue of $688 million increased by $110 million or 19 per cent in FY 2018 as compared to last year. Equipment sales to the construction sector in WA and NSW were particularly strong, by contrast new equipment sales to mining customers were lower than historical average and down 8% on year. The Company’s other income increased by 26% mainly due to the $14 million in distributions from company’s investment in an unlisted offshore media fund which was partially negated by the $3.6 million reduction in dividend income due to portfolio divestments and lower payout ratios from the portfolio. The Company’s depreciation and amortization increased by $115 million in FY2018 which is reflecting the consolidated depreciation on Coates’ rental fleet. Recently, the company proposed an offer of converting TELYS4 shares to ordinary shares at a price of $92.50 per share which is subject to a TELYS4 shareholder vote. In FY 2018, the Company declared a dividend of 21 cents per share fully franked.

Due to the growth in the digital revenue streams, TV advertising market and the ongoing focus on cost and debt reduction the Company’s Seven West Media is expecting a 5% to 10% growth in underlying EBIT in financial year 2019. The company is expecting FY2019 underlying EBIT to be approximately 25 per cent above the FY18 figure on a continuing operations basis.

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