Johns Lyng aims for $1 billion revenue after strong full-year results
Johns Lyng aims for $1 billion revenue after strong full-year results
29 August 2022
Johns Lyng Group announced “record” full-year financial results today, underpinned by post-catastrophe recovery works for its core Insurance Building and Restoration Services (IB&RS) division.
Group revenue rose 57.5% to $895 million for the year to June 30 from the prior 12-month period and group earnings before interest, taxes, depreciation and amortisation (EBITDA) advanced 58.9% to $83.6 million. Net profit after tax gained 40.1% to $38.5 million.
Johns Lyng says this current financial year the business is aiming for overall sales revenue of $1.03 billion and EBITDA of $105.3 million.
The business says it is “well placed” for another strong year, with the first quarter maintaining the positive momentum from 2021/22.
“We have a solid [business as usual] job registration pipeline and expect strong revenues from FY22 catastrophe-related activity to flow through FY23 and beyond,” the company says.
Group CEO Scott Didier says the IB&RS division is a “cornerstone” of the business, contributing about $751.3 million in revenue or almost 84% of sales income.
“As in recent periods, our performance this year was materially driven by the IB&RS division – the cornerstone of the group,” Mr Didier said.
“FY22 included record levels of CAT activity and the financial contribution from recent events is expected to continue to flow into future periods.
“Having developed our capabilities in this area and established a proven disaster response model that centres around supporting communities, we are pleased to see the strength of our IB&RS division which continues to grow.”
Johns Lyng says during the 2021/22 year the business achieved a number of new contract wins and extensions, which contributed also to its strong performance. The contracts include undertaking works for insurance providers CHU, Suncorp, Honey Insurance, Blue Zebra and Steadfast Claims Solutions.
The business also scored recovery works contracts with the NSW and Victorian governments.
