Downer EDI announced Half Year results; Statutory NPAT Declined By 20.6%

On 27 February 2023, Downer EDI Limited (ASX: DOW) announced results for half-year ended 31 December 2022 which showed:

• The revenue for the first half of 2023, excluding contributions from divested Mining and Hospitality businesses, increased by 8.9%.
• It has reported its EBITA of AU$142.9 million in 1HFY23, down 21.3% from 1HFY22, negatively affected by various factors, including unprecedented wet weather, labor shortages, and productivity issues, such as contract and project losses in Utilities.
• The cash conversion rate for the period was 8.5%, upon the completion of the Sydney Growth Trains project, settlement of prior period project claims, and timing of collections.
• Net finance costs decreased by AU$5.5 million, or 12.0%, to AU$40.3 million, driven by lower line fees from facilities refinanced at lower margins in FY22.
• The company’s statutory Net Profit After Tax recorded at AU$68.1 million in 1HFY23, down 20.6% as compared to previous corresponding period.

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