AUS
NZ
UK
CA
USA
IND
Highlights:
- Johns Lyng Group Limited (ASX:JLG) announced its earnings for the six-month ended 31 December 2022 on Tuesday.
- The company’s 1H2023 revenue rose 71.2% to AU$635.6 million, up from AU$371 million in pcp.
- For the FY2023 outlook, it expects group revenue to be at AU$1.146 billion (+28% versus FY2022).
Building services provider Johns Lyng Group Limited (ASX:JLG), which announced its results for the six months ended 31 December last year on Tuesday, 21 February 2023, said its profit surged 83.6% to AU$34.1 million and upgraded its revenue and EBITDA guidance for the full year, sending its shares 13% higher.
| Company Name | Market Price (AU$) |
Market Cap (AU$) |
Yearly Return (%) |
Dividend Yield (%) |
PE Ratio (x) |
YTD (%) |
52W High (%) |
52W Low (%) |
|
|---|---|---|---|---|---|---|---|---|---|
| JOHNS LYNG FPO [JLG] | 6.34 | 1.656B | -16.58 | 0.98 | 56.50 | 2.42 | 9.37 | 4.81 | |
*Data powered by Morningstar®. Data delayed 20 minutes unless otherwise indicated. Read More
as of 21/02/2023, 07:18:30 PM AEDT
In 1H2023, Johns Lyng’s revenue from ordinary activities (sales) increased 71.2% to AU$635.6 million versus AU$371 million in pcp. It was driven by the company’s many acquisitions along with rising activity in its insurance building and restoration services business segment.
The profit after income tax for the half-year rose 83.6% to AU$34.1 million versus AU$18.5 million. Basic earnings per share were up 87.8% to 9.68 cents versus 5.15 cents in pcp. EBITDA (normalised) grew 63% to AU$59.4 million from AU$36.5 million in 1H2022.
On the balance sheet front, during 1H2023, Johns Lyng’s net assets were at AU$372.9 million, increasing from AU$332.8 million in June last year. Net cash was noted at AU$29.8 million, rising from AU$21.7 million in June 2022. Return on Equity decreased to 36.3% from 43.7% in June 2022.
As of 31 December 2022, Johns Lyng cash and cash equivalents stood at AU$82.6 million, increasing from AU$52.7 million in pcp.
Johns Lyng 1H2023 dividend
The company’s Board declared a half-yearly 100% franked dividend of 4.5 cents a share, nearly 67% more than what it paid in pcp. JLG shares turn ex-dividend on 24 February, and the record date for the above dividend is 27 February 2023. The dividend is payable on 14 March 2023. The dividend amount represents nearly 47% of net profit after tax. This dividend is in accordance with the company’s dividend policy, which entails a payout between 40%-60% of net profit after tax.
Johns Lyng FY2023 outlook
Following strong earnings growth in the first half of the current fiscal, the building services provider upgraded its earnings guidance for the ongoing fiscal. Now, the company expects FY2023 group revenue to be at AU$1.146 billion, 28% more versus FY2022 and 11.2% higher than its earlier guidance.
Johns Lyng upgraded its EBITDA expectation for FY23 by 5.5% to AU$111.1 million. This revised EBITDA guidance represents 32.9% growth over FY2022.
In 2H2023, Johns Lyng is anticipating results to be steered by a boost in job volume through contract wins. New clients and contracts and greater penetration in the markets of NT, TAS, SA and WA.
Further, it expects Integration of recent acquisitions. Revenue synergies are expected from the roll-out of additional Johns Lyng service lines in the US and Strata Building Services cross-sell.
