- Mining equipment rental business Emeco (EHL) records H1 FY22 operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of $122 million
- This is within range of the $120 million to $125 million announced at the company’s annual general meeting in mid-November
- The company says this is a solid result as significant weather events across NSW and Queensland in late H1 reduced customer activity and fleet utilisation
- Emeco expects its operating EBITDA for FY22 to be in the range of $250 million to $260 million and it expects to release its H1 FY22 results on February 16
- Shares in Emeco are up 4.1 per cent on the market and are trading at 95.3 cents
Mining equipment rental business Emeco (EHL) has recorded H1 FY22 operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of $122 million.
This is within the range of the $120 million to $125 million announced at the company’s annual general meeting in mid-November.
Emeco said this is a solid result as significant weather events across NSW and Queensland in late H1 reduced customer activity and fleet utilisation.
Despite the continued border tightening of WA’s borders, Western Region Rental performed well.
Pit N Portal is continuing to increase its revenue as multiple new projects were won and began in the half.
Emeco expects its operating EBITDA for FY22 to be in the range of $250 million to $260 million and it expects to release its H1 FY22 results on February 16.
“Emeco continues to perform well with the team working closely with our customers to navigate our business through the weather and labour issues which have impacted the mining industry across Australia,” CEO and Managing Director Ian Testrow said.
“We maintain a strong balance sheet, continue to generate strong operating and free cash and remain alert to opportunities to further execute on our strategy.”
Emeco has also announced an on-market buyback of its shares with up to 10 per cent of its issued capital to be executed over the next 12 months.
Shares in Emeco were up 4.10 per cent on the market and were trading at 95.3 cents at 2:30 pm AEDT.