AVJennings Reports Strong Growth in Q3 FY24 Business Update

AVJennings Limited (ASX: AVJ) presents a robust third-quarter performance for FY24. Lead indicators demonstrate strength, with a notable 31% increase in contract signings compared to the prior corresponding period (PCP), totaling 134 lots, and a 72% rise in contract value, reaching $192 million year-to-date. The completion of the Pro9 Australian manufacturing facility remains on track for Q4 FY24, enhancing production capabilities. Additionally, AVJ expands its debt facility by $30 million to $330 million, supporting growth initiatives.

Sales and settlements, while experiencing a 28% decline in volume, show a 10% increase in value due to a favorable product mix. Despite market challenges, contract signings surged by 117% in Q3 FY24, with a sales value of $65 million. Encouragingly, customer inquiries rose by 15% over the PCP, indicating sustained demand amidst market fluctuations.

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