Free cash flow more than half market cap13 Nov 2024 18:31
FY23 financial highlights
Revenue of $5.9 billion was up 8% (+9% at constant currency) with growth in all business units, including a c.$200 million increase in pass-through revenue
Adjusted EBITDA of $423 million was up 9% on last year (+11% at constant currency) with good growth across all business units
Adjusted EBITDA margin of 7.2%, up 0.1ppts on last year, reflecting business mix and improved pricing partly offset by the increased pass-through revenue and opex investments
Adjusted EBIT up 4% to $185 million with EBITDA growth partly offset by higher lease depreciation and software amortisation
Adjusted diluted EPS of 2.3c was an improvement on last year’s (3.1)c, reflecting the higher adjusted EBIT and lower finance costs
Adjusted operating cash flow of $194 million was significantly improved on last year, up $260 million
Free cash flow of $(265) million reflects the improved operating cash flow offset by capex, interest and tax paid, plus cash exceptionals broadly in line with our guidance at $145 million