RNS - Excellent Results - Profits up - Turnover up27 Jun 2024 07:39
Franchise royalty is derived) grew 3% to approximately $170 million.
Financial Performance 2023
· Group Revenue grows by 7% to $76 million (2022: $71.3 million)
American Leak Detection subsidiary
o Franchise royalty remained at $6.7 million (2022: $6.7 million) (without franchise acquisitions reducing pool of royalty income, franchise royalty would have grown 3%)
o Franchise Related Activities (including insurance channel) grow by 6% to $11.2 million (2022: $10.6 million)
o US Corporate locations grow by 7% to $50.5 million (2022: $47.3 million)
o US same store sales grow by 1% to $47 million (2022: $46.7 million)
Water Intelligence International subsidiary
o International corporate locations grow by 14% to $7.6 million (2022: $6.7 million)
· EBITDA Adjusted** grows by 9% to $13.4 million (2022: $12.4 million)
o EBITDA Adjusted margins grow to 17.7% (2022: 17.3%)
· Statutory EBITDA grows by 7% to $11.8 million (2022: $11.1 million)
· PBT Adjusted** grows by 12% to $8.7 million (2021: $7.8 million)
o PBT Adjusted margins grow to 11.5% (2022: 10.9%)
· Statutory PBT grows by 13% to $6.2 million (2022: $5.5 million)
· Basic EPS grows by 23% to 25.3 cents (2022: 20.5 cents)
o Basic EPS Adjusted grows by 23% to 36 cents (2022: 29.3 cents)
· Fully diluted EPS grows by 29% to 24.7 cents (2022: 19.2 cents)
o Fully diluted EPS Adjusted grows by 28% to 35 cents (2022: 27.4 cents)
** EBITDA Adjusted and PBT Adjusted all adjusted for non-core costs and non-cash expense of share-based payments; PBT Adjusted also adjusted for non-cash expense of amortization.
· Balance Sheet at 31 December 2023
o Cash at $15.8 million
o Cash net of bank debt at $1.3 million
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