Coventry Group Ltd (CYG) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

I would now like to hand the conference over to Robert Bullis, Chief Executive Officer and Managing Director, and Rod Jackson, Chief Financial Officer of Coventry Group. Please go ahead. Thank you. Hi, everyone. I'm Robert Bullis, the CEO and Managing Director of the Coventry Group, and we also have our CFO, Rod Jackson, on the call today as well. So today I'm going to provide you with an update on a number of areas. The first is our half-year FY24 financial results, talk about how our markets are trading, go through our key strategic initiatives and objectives for the remainder of FY24 and also going into the 2024 calendar year, and then also talk about our significant growth opportunities across all of our business units. There will be the opportunity for questions at the end of the session. So first of all, to the half one FY24 results, our training performance improved again during the period with continuing sales and pre-AASB 16 underlying EBITDA year-on-year growth. So any reference I make to EBITDA during the teleconference will be to underlying EBITDA pre-AASB 16 and before significant items, which in this case, those significant items are the relate to the ERP upgrade. Pleasingly, we're on track to deliver our seventh consecutive year of sales and EBITDA growth, despite the many challenges we've faced during our journey today. With continuing profit growth, completion of the ERP system upgrade in calendar year 2024, and the availability of tax losses in Australia, our debt position is forecast to reduce quickly in FY25, placing us in an excellent position for future growth. Key highlights from the first half of FY24 are the sales up 5.4% to $185.3 million and very positive EBITDA growth up 18.1% to $9.8 million. The initiatives to grow EBITDA percentage to s...