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ASX: PBP
HY22
RESULTS & OUTLOOK
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ThisDisclaimerpresentation is provided for general information purposes only. The information contained in this presentation is not intended to be relied upon as personal advice to investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should assess their own individual financial circumstances and consider talking to a financial adviser or consultant before making any investment decision.
This presentation is not a prospectus, investment statement or disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
Certain statements in this presentation constitute forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.
While all reasonable care has been taken in relation to the preparation of this presentation, none of the Company, its subsidiaries, or their respective directors, officers, employees, contractors or agents accepts responsibility for any loss or damage resulting from the use of or reliance on this presentation by any person.
Past performance is not indicative of future performance and no guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited financial data which may be subject to change.
All values are expressed in Australian Dollars unless otherwise stated.
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Financial Highlights
Revenue | $85.2m Pro Forma* |
$85.2m Underlying* | |
+100% on HY21 | +3% on HY21 |
EBITDA | $14.9m Pro Forma |
$14.9m Underlying | |
+100% on HY21 | +24% on HY21 |
EBIT | $10.0m Pro Forma |
$10.0m Underlying | |
+78% on HY21 | +28% on HY21 |
NPAT | $6.0m Pro Forma |
$6.0m Underlying | |
+66% on HY21 | +11% on HY21 |
Net Bank Debt
$22.0m Net Bank Debt
0.75x Proforma LTM EBITDA
* See Slide 10 for reconciliation between Pro Forma, Underlying and Actual Results
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Highlights | |
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1 Results from continuing operations, excluding amortisation of acquired Intangibles and non-recurring transaction costs
2 Bank debt only, excludes AASB16 leases
Strong performance to date with improving trading conditions forecast
Following AGM Update, the Group has continued to trade ahead of expectations
Guidance: revenue of $175-180m for FY22 and Underlying EBITDA of $32-33m
Acquisition of H&H Packaging effective from 1st Aug 2021, trading ahead of expectations
Revenue of $85.2m, up 3% on Pro Forma pcp (HY21), despite impact of Covid-19
Underlying EBITDA1 of $14.9m, up 24% on pcp
Strong underlying cash flow from operations of $12.4m, up 31% on pcp. Cash generation and conversion at 83% of EBITDA
Net bank debt2 level conservative at 0.75x Underlying EBITDA (12 months ended 31st Dec 2021)
EPS1 of 7.6 cps, up 57% from pcp
Interim Dividend of 2 cents per share
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FY22
Guidance
Based on no worsening of Covid-19 and/or economic conditions, in FY22 the Group currently expects to deliver:
Outlook & Guidance
OrganicThe GroupGrowthcontinues to secure new contract wins and whilst the onboarding of this work continues to be impacted by Covid-19,
this business is secured under long term agreements
Cough, cold and flu categories are showing further signs of recovery (revenue declined by c. $20m in FY21) and are expected to progressively recover as Covid-19 restrictions are eased and we head into the peak season for supply in 2HY22 and beyond
Enquiry, new business demand, onshoring and general industry tailwinds expected to continue and be realised through FY23 and FY24
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EBITDA $32-33m
(underlying)
Revenue$175-180m
Inorganic Growth
Management continues to focus on strategic acquisitions to further enhance the Group's footprint and position in the market
Covid-19 Statement
COVID-19 continues to impact the industry and operating environment, largely related to timing, execution, labour availability and supply chain disruption
All sites continuing to operate with effective Covid-19 management strategies in place to mitigate disruptions to operations
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Probiotec Limited published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 23:26:14 UTC.