Korvest Ltd. · ASX:KOV
Korvest — 1H FY25 Earnings Presentation
16 slides from Korvest's earnings presentation, Jan 21, 2025
Slide 1: 1H Results
Dec 2025 1H Results Chris Hartwig and Steven McGregor For personal use only
Slide 2: Cable & Pipe Supports
For personal use only Cable & Pipe Supports 2
Slide 3: Introduction to Korvest
Introduction to Korvest • For personal use only Korvest (ASX:KOV) is headquartered in South Australia and provides cable and pipe supports and galvanising services • Listed in September 1970 • Korvest has sales offices and warehouses in Adelaide, Melbourne, Sydney, Brisbane and Perth, with distribut
Slide 4: Key Takeaways
Key Takeaways • For personal use only 1H impacted by: – $670k of one-off costs • Galvanising Operational issue (17 days lost production) • EzyStrut product rectification – Margin contraction – competitive pressures and project phasing – Inflationary cost pressures • Reduced major project activity in
Slide 5: Headline Numbers
Headline Numbers Dec 24 (1H) June 24 (2H) Dec 23 (1H) Dec 24 vs Dec 23 Sales $51.13m $51.18m $51.71m (1.1%) For personal use only EBIT $5.78m1 $7.64m $8.18m2 (29.3%) NPAT $4.09m $5.33m $5.72m (28.5%) Operating cash flow $7.12m $3.48m $6.88m EPS 34.8c 45.6c 49.1c (29.1%) Profit After Tax 7,000 6,662
Slide 6: Industrial Products
Industrial Products Dec 24 (1H) June 24 (2H) Dec 23 (1H) Dec 24 vs Dec 23 For personal use only Sales $46.44m $46.49m $46.25m 0.4% EBIT $5.57m $7.06m $7.50m (25.7%) EBIT % 12.0% 15.2% 16.2% Trading Update • Improved small project/day-to-day revenue • Reduced major project revenue • 2 new major proje
Slide 7: Production Services
Production Services Dec 24 (1H) June 24 (2H) Dec 23 (1H) Dec 24 vs Dec 23 For personal use only Sales $4.69m $4.69m $5.47m (14.3%) EBIT $0.51m $0.80m $1.26m (59.5%) EBIT % 10.9% 17.1% 23.0% Trading Update Galvanising volume • Reduced external tonnes • EzyStrut volume static • Major operational issue
Slide 8: Capital Expenditure
Capital Expenditure Dec 24 (1H) FY24 FY23 FY22 For personal use only Capital Expenditure $2.10m $4.51m $1.86m $2.11m • $1.1million - new equipment related to new capability/capacity including truck, roll-former, kettle burner management system in Galvanising • $762k – stay in business/maintenance –
Slide 9: Key initiatives
Key initiatives Automation For personal use only • 3rd auto tray line equipment installed with commissioning in early 2H • Robotic cells customised for upcoming project work People, Operations & Cost Optimisation • Waste heat recovery project operational and optimised, providing gas savings • Site r
Slide 10: Balance Sheet
Balance Sheet ASSETS $m Dec 2024 June 2024 Dec 2023 Cash & Investments 6.9 7.1 9.1 For personal use only Receivables 15.9 22.6 17.7 Reduced in line with lower revenue near balance date Inventories 19.1 17.0 16.7 Timing of import receipts and production Property, Plant & Equipment 24.1 23.0 21.9 Righ
Slide 11: Dividends
Dividends For personal use only FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Interim 25c 25c 25c 25c 15c Final Dividend N/A 40c 35c 35c 20c Total Dividend N/A 65c 60c 60c 35c Franking 100% 100% 100% 100% 100% DRP remains suspended for interim dividend Key Dates Record Date: 14 February 2025 Payment Date:
Slide 12: Outlook
Outlook For personal use only • Commencing 2H with record order book, as a result of 2 major infrastructure projects • Major project schedules indicate significant increase in 2H activity • Day-to-day and project markets expected to be at good levels subject to broader economic conditions • Working
Slide 13: Company Overview
For personal use only Overview Company 13
Slide 14: Industrial Products
Industrial Products For personal use only • Cable and pipe supports • Market leader in cable supports • Manufacturing facility in Kilburn, SA • Overseas supply chain • Sells to EPCMs, Wholesalers, and direct to project contractors • Local manufacture allows quick response time and ability to manufac
Slide 15: Production Services
Production Services For personal use only • Longest galvanising kettle in Australia (14m) • South Australia’s only centrifuge plant (national market) • Predominantly structural work for SA projects or fabrications • In-house work for EzyStrut 15
Slide 16: Industrial Products
Industrial Products For personal use only Australia’s leading range of cable & pipe supports. www.ezystrut.com.au Quick turnaround galvanising of the largest, smallest, and most complex construction members. www.korvestgalvanisers.com.au 16