Johns Lyng Group (ASX: JLG) anticipates sales revenue of AUD 1.207 billion in FY24

Highlights

• Johns Lyng Group is an ASX-listed capital goods company which offers building and restoration services
• In FY23, JLG’s revenue increased by 43.3% YoY and EBITDA increased by 42.4% YoY
• Didier (Scott) has the highest stake in the company with a shareholding of around 17.80%

Johns Lyng Group Limited (ASX: JLG) is an Australian company involved in construction, restoration, and offering energy services both domestically and internationally. In the financial year 2023 (FY23), revenue of JLG increased by 43.3% YoY to AUD 1,287.78 million, EBITDA jumped 42.4% YoY to AUD 119.22 million and net income increased by 88.3% YoY to AUD 46.85 million. The period saw a 4422% YoY increase in net cash to AUD 45.22 million.

Top 10 shareholders of JLG

The top 10 shareholders of JLG have around 42.57% shareholding in the company. Didier (Scott) has the maximum stake in JLG with a shareholding of 17.80%, followed by Capital Research Global Investors with the shareholding of approximately 6.34%.

1HFY24 financial metrics

In the first half of FY24 (1HFY24), revenue of the company decreased by around 3.9% YoY to AUD 610.6 million, because of a fall in revenue from the catastrophe (CAT) segment, partially offset by a rise in revenue from the insurance building & restoration services (IB&RS) business as usual segment.

The period witnessed 7.5% YoY increase in the EBITDA to AUD 63.9 million. Net profit after tax in 1HFY24 decreased to AUD 31.1 million compared to AUD 34.1 million in the previous corresponding period, driven by a surge in administrative expenses.

Outlook

In FY24, the company expects to deliver sales revenue of AUD 1.207 billion and EBITDA of AUD 136.4 million. In constant currency, sales revenue of AUD 1.182 billion is anticipated and EBITDA of AUD 136.4 million is expected. 

The company focuses on organic growth through acquiring new contracts and clients, expanding its operations geographically and diversifying in the related areas. The company highlighted that the acquisition of new clients and extension of existing contracts would result in an increase in job volume in IB&RS in 2HFY24.

The focus of FY24 is on the strata and broker markets.

Share performance of JLG

JLG shares closed at AUD 5.62 apiece on 1 May 2024 with a market cap of AUD 1.56 billion. In the past one year, JLG’s share price has dropped by almost 17.35%, while in the last one month, it has declined by 12.32%.

The 52-week high of JLG is AUD 7.290, recorded on 13 February 2024, and the 52-week low is AUD 4.940, recorded on 23 June 2023.

JLG Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 1 May 2024. The reference data in this report has been partly sourced from REFINITIV.

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