2024 the year of positive FCF πΎ12 Jan 2024 07:12
"We are now one year into our strategic growth journey and our results continue to show clear progress. We have delivered strong revenue and EBITDA growth, improved our underlying cash generation, grown our order book, and continue to see an acceleration in the proportion of sustainable solutions within our pipeline.
"We are confident that our actions, business model and strategy are delivering and look forward to giving a further update in March."
Continued improvement in underlying cash flows
o Operating cash flow of c.$210 million, a significant improvement on FY22 ($66 million outflow), with around $175 million operating cash flow generated in the second half
o Net debt excluding leases at 31 December 2023 was c.$680 million, including exceptional cash outflows in line with our guidance of c.$140 million and an FX impact of c.$15 million
o Net debt was slightly above our expectations due to FX and the timing of customer receipts in December, as flagged in our Q3 trading update
o On track to deliver positive free cash flow in 2024, as previously guided