FY24 Financial Results - significant growth across key metrics
Highlights for FY24
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852% increase in Net Profit After Tax – to |
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760% increase in free cash flow to |
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EBITDA of |
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Unhedged position drives 9% revenue growth – lifts to |
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Cash, bullion & liquids1 up 37% – to |
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2.25cps dividends declared – represents a 12% free cash flow payout ratio |
Westgold Managing Director and CEO
"FY24 was a watershed year for Westgold with the Company delivering significant improvement across key financial metrics. The improvement is testament to the hard work of our people and their commitment to our strategy which prioritises safe and profitable gold production.
In FY24 Westgold found a balance between investing in our near-term growth options, maintaining balance sheet strength and delivering shareholder returns. In FY25 this investment will see our organic growth pipeline deliver increased output from an expanded Bluebird-South Junction mine at Meekatharra and first ore from the iconic Great Fingall near Cue.
We will apply the same strategy to our Southern Goldfields assets. Westgold can see the opportunity to increase the scale of Beta Hunt and develop new targets at Higginsville with an intensive drilling campaign expected to unlock substantial value in H2, FY25."
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1 Bullion is valued at the closing gold price. |
FY24 Summary
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Key Consolidated Results |
FY24 |
FY23 |
Movement |
|
Revenue ($M) |
716 |
657 |
9 % |
|
Gold Sales (oz) |
227,691 |
256,009 |
(11) % |
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Achieved gold price ($/oz) |
3,135 |
2,556 |
23 % |
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Cost of sales ($M) |
559 |
632 |
(12) % |
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EBITDA ($M) |
271 |
167 |
62 % |
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NPAT ($M) |
95 |
10 |
852 % |
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Earnings per share (cps) |
20.11 |
2.11 |
853 % |
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Net cashflow from operations ($M) |
352 |
168 |
110 % |
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Free cash flow ($M) |
86 |
10 |
760 % |
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Dividends (cps) |
2.25 |
- |
- |
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Key Balance Sheet Items |
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Movement |
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Cash & Cash Equivalents |
236 |
176 |
34 % |
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Cash, Bullion & Liquids2 |
263 |
192 |
37 % |
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Net Assets |
692 |
598 |
16 % |
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852% growth in NPAT - Westgold delivered a profit of
$95M , with the impact of its increased revenue and margin flowing to earnings in FY24. - 62% improvement in EBITDA - reflects higher revenue and Westgold's continued focus on increasing the profitability of its operations which included the closure of Paddy's Flat.
- 9% increase in Revenue - reflects the 23% increase in the achieved gold price and reduced hedging exposure in FY24, offset by a decrease in gold sales as a result of the lower gold produced in FY24 driven by the pausing of mining at Paddy's Flat.
- 12% reduction in cost of sales - driven by the pausing of mining at Paddy's Flat, ongoing application of operational and commercial initiatives that drive cost out of the business and capitalised development shifting from current mining areas to investments in growth projects at Great Fingall, Big Bell and Bluebird-South Junction.
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2.25cps dividend - Westgold declared a 1.25cps fully franked final dividend to complement the 1cps interim dividend declared in
February 2024 . In total, 2.25cps dividends have been announced for the year, representing a 12% free cash flow payout ratio.
For more information, please refer to Westgold's FY24 - Appendix 4E and Annual Financial Report filed on the ASX and SEDAR+ on
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2 Bullion is valued at the closing gold price. |
Conference call details
Westgold advises that
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FY24 FINANCIAL RESULTS WEBCAST
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This announcement is authorised for release to the ASX by the Board.
SOURCE
