Full Year 2024 VEEM Ltd Earnings Call Transcript
Key Points
- Revenue increased by 35% to $80.6 million.
- EBITDA rose by 48% to $14.8 million, resulting in an 18.3% EBITDA margin.
- Gyro sales more than doubled to $12.5 million, driven by a strategic marine contract.
- Propeller sales reached $32 million, benefiting from increased capacity and reduced backlog.
- Defense revenue grew by 23% to $21 million, with significant contributions from the Collins Class submarine program.
- Non-recurring costs of $5 million related to a liver cancer research project were fully amortized.
- Initial costs of $0.8 million for the Sharrow engineering agreement impacted financials.
- Working capital increased due to high receivables and inventory levels at year-end.
- Cash balance decreased, partly due to repaying over $4 million in debt and investing $4.6 million in capital.
- The rollout of Sharrow propellers is expected to be slow, with significant sales not anticipated until after FY25.
Welcome to VEEM Investor webinar to discuss the company's FY24 result. From today's webinar we have Managing Director, Mark Miocevich; CEO, Trevor Raman; and Head of Corporate Development, Pat Rich, who got up in the presentation release today on the A6. (Event Instructions). I'll now hand it over to Mark.
Good morning, everybody. Welcome to our presentation. With me today is David Rich, our Corporate Development Manager; and Trevor Raman, our new CEO, and I'll be delivering certain parts of our presentation today.
So let's start off with the highlights for last financial year. Our revenue was $80.6 million which was up 35% from the previous year. The total activity was $81.6 million, which is a result of an extra rise in work-in-progress progress around $1 million. And our EBITDA was $14.8 million and which was up 48%, which is terrific. So an 18.3% EBITDA margin, which was very good for us. That's a very good result.
And operating cash flow was $8.4
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