Boom Logistics reports record revenue and profit for FY23
Boom Logistics Limited (ASX:BOL), an Australia-based industrial services company that provides crane logistics and lifting solutions, has reported its financial results for the full year ended 30 June 2023. The company achieved record revenue of $368.7 million, up 18.7% from the previous year, and record net profit after tax of $21.4 million, up 32.4% from the previous year. The company also declared a final dividend of 1.5 cents per share, bringing the total dividend for the year to 2.5 cents per share, up 25% from the previous year.
The company attributed its strong performance to its diversified customer base, its strategic investments in new equipment and technology, and its operational excellence and safety culture. The company said it had secured several long-term contracts with major customers in the infrastructure, renewable energy, mining and industrial sectors, as well as increased demand for its services in the maintenance and shutdown markets.
The company also highlighted its progress in implementing its sustainability strategy, which includes reducing its carbon footprint, increasing its use of renewable energy, and supporting social and community initiatives.
Damian Banks purchases 213,122 shares of Boom Logistics
One of the company’s directors, Damian Banks, has demonstrated his confidence in the company’s future prospects by purchasing 213,122 shares of Boom Logistics on the open market on 31 August 2023. According to a filing with the Australian Securities Exchange (ASX), Mr. Banks paid an average price of $0.132 per share, for a total transaction value of $28,132.10. Mr. Banks now owns 1,213,122 shares of Boom Logistics, representing 0.42% of the company’s issued capital.
Mr. Banks was appointed as a director of Boom Logistics on 29 November 2021. He has extensive experience in the financial services, health and employment sectors. He is also a board member of ICSGlobal Ltd., ImExHS Ltd., and a member of the Australian Institute of Company Directors.
Mr. Banks is not the only insider who has been buying shares of Boom Logistics recently. On 28 July 2023, another director, James Scott, purchased 100,000 shares at an average price of $0.135 per share, for a total transaction value of $13,500. Mr. Scott was appointed as a director of Boom Logistics on 29 November 2021 as well. He has over 26 years of experience in the media, telecommunications and technology sector.
Boom Logistics expects continued growth in FY24
Boom Logistics has provided guidance for the financial year ending 30 June 2024, indicating that it expects to achieve revenue growth of 10% to 15%, and earnings before interest, tax, depreciation and amortization (EBITDA) growth of 15% to 20%. The company said it expects to benefit from its strong order book, its ongoing investment in new equipment and technology, and its focus on operational efficiency and cost management.
The company also said it plans to pursue organic and inorganic growth opportunities in its core markets, as well as explore new markets and services that align with its capabilities and strategy.
The company said it remains committed to delivering value to its shareholders through sustainable growth, dividends and capital management.
