A solid operational performance in the past year has enabled Perenti to upgrade its FY23 guidance.
In August, Perenti announced its FY23 guidance, expecting revenue of between $2.4-$2.5 billion and EBIT(A) of between $185 million and $205m. Net capital expenditure was forecast to be about $330m.
Following the completion of detailed quarterly forecasting activities, Perenti now expects FY23 revenue of between $2.6-$2.7b, EBIT(A) of between $215-$230m, and net capital expenditure of about $340mm
The upgraded guidance is a result of several factors, notably:
favourable movements in the US dollar to Australian dollar exchange rate
improving operational and commercial conditions.
Perenti managing director Mark Norwell said the company had worked diligently to embed capital, operational and commercial discipline over recent years and this upgrade was a result of the ongoing and significant efforts and the returns on growth capital invested in FY22, combined with the favourable improvement of external factors, albeit “challenges still exist”.
“Like most businesses, we have, and continue to experience the volatility within the macro-economic landscape,” he said.
“These factors, including exchange rates, supply chain challenges and labour shortages, are difficult to predict.”
Perenti is a diversified global mining services group with interests in contract mining, mining support services and future technology solutions. The Group was founded in Kalgoorlie, Western Australia, in 1987 and is today one of the world’s largest mining service companies providing surface and underground mining at scale.
The portfolio consists of sustainable, inter-related and value-adding mining services and technology focused businesses.