Australian marine services company, Bhagwan Marine Limited (Bhagwan or the Company), is pleased to announce its full year results for the 2024 financial year (FY24). The Company achieved record revenue and strong earnings, driven by increased demand across its diversified business nationally and entry into the high- growth decommissioning sector.
FY24 Financial and Operational Highlights
- Gross revenue: $303.1 million, up 79% (4% above FY24 Prospectus forecast)ⁱⁱ
- Pro Forma EBITDA: $41.3 million, up 14% (6% above FY24 Prospectus forecast)ⁱⁱ
- Statutory EBITDA: $39.7 million, up 6% (6% above FY24 Prospectus forecast)ⁱⁱ
- Net cash from operations: $29.0 million, up 1%
- Net debt: 30 June 2024 $65.1 million, December 2023 $67.1 million, June 2023 $68.1 million (excluding capitalised leases)
- Enhanced safety performance: Significant improvement in safety metrics with increased working hours—LTIFR at 0.90 (FY23: 1.89) and TRIFR at 7.65 (FY23: 9.35) ⁱⁱⁱ
- Diversified Growth: Strong performance across all industries and areas of operation nationally
- Strong Governance: Welcomed new Directors, Andrew Wackett as Executive Director Finance and Tracey Horton AO as Independent Non-Executive Director
Post 30 June 2024 Highlights
- Successfully completed an initial public offering (IPO), raising $80 million to de-leverage the balance sheet and pursue growth opportunities.
- Commenced trading on the Australian Securities Exchange (ASX) on 30 July 2024 (ASX:BWN).
- Transitioned Bhagwan’s first oil and gas decommissioning project, the largest undertaken by an Australian-owned service provider, to the demobilisation phase. No lost time injuries on the project.
Commenting on the Company’s FY24 performance, Managing Director and Chief Executive Officer and founder, Loui Kannikoski, said:
“The past year has been an exciting and transformative period for our Company. I am immensely proud of how our team members maintained a strong focus on operational excellence, service delivery, and safety while managing our largest oil and gas decommissioning project and navigating the initial public offering process. My sincere thanks go to our teams and their families for their unwavering dedication and support.”
Commenting on the Company’s performance and its transformation to an ASX-listed company, Chairman, Anthony Wooles said:
“This has been a milestone year for Bhagwan Marine, marked by two major accomplishments. First, the Company demonstrated exceptional resilience in managing significant top-line growth in FY24 while maintaining our steadfast commitment to service delivery and safety. Second, we successfully completed our initial public offering, culminating in our listing on the ASX in July 2024 and our status as Australia’s largest listed marine services provider.”
Full announcement including FY24 Key Metrics & Operational overview: ASX Announcement 29 August 2024
