Revenue from continuing operations of $218.5 million (FY17: $176.2 million).
EBITDA from continuing operations of $42.4 million (FY17: $3.6 million).
Net profit after tax of $21.1 million, up 470% (FY17: $3.7 million)
Operating cash flow from continuing operations of $15.9 million (FY17: $13.1 million).
Strong Balance Sheet
As at 30 June 2018, net assets increased by $26.3 million and net cash totalled $7.9 million.
MINERALS REVENUE BY REGION
* Normalised minerals revenue - continuing operations
|$m||30 JUN 2018||30 JUN 2017|
|Other assets / deferred tax||33.3||27.5|
|Other liabilities, provisions, current tax||7.5||13.6|
RECONCILIATION OF EBITDA TO CASH FROM OPERATIONS ($m)
- Working capital investment normalised in 2H18 – FY18 in line with expectations
- Similar working capital ratio expected in FY19
- Cash tax increasing in line with profitability
- FY19 investment in core product development expected to be similar to FY18
- FY19 investment in transformational initiatives expected to be up ~$1.5m on FY18
1 Core - Investment in product development for organic growth.
2 Transformational - Internal digital transformation program, IMS Drill and Blast and CoreVIBE™ and MagHAMMER™ technologies.
Summary of Financial Highlights
FOR THE YEAR ENDED 30 JUNE 2018 (AUDITED RESULTS)
|REVENUE FROM CONTINUING OPERATIONS (EXCLUDING INTEREST INCOME)||218,475||176,225||24%|
|EARNINGS BEFORE INTEREST, TAX, DEPRECIATION & AMORTISATION (EBITDA) FROM CONTINUING OPERATIONS||42,384||31,496||35%|
|Depreciation and impairment||(12,772)||(10,692)||19%|
|EARNINGS BEFORE INTEREST & TAX (EBIT)||29,279||20,221||45%%|
|Net interest expense||(688)||(16,413)||(96%)|
|Net profit before tax||28,591||3,808||651%|
|Income tax expense||(7,476)||(1,243)||501%|
|NET PROFIT AFTER TAX FROM CONTINUING OPERATIONS||21,115||2,565||723%|
|Profit from discontinued operations||-||1,098||(100%)|
|NET PROFIT AFTER TAX||21,115||3,663||476%|
|Basic earnings per share from continuing and discontinued operations (cents)||5.73||1.14||403%|
|Net Cash provided by Operating Activities||15,900||13,071||22%|
|Cash on hand||13,942||19,379||28%|
|Net Tangible Assets per Share (cents)||34.27||27.07||27%|
Small % variances may exist within this report due to rounding