Peet Well Positioned for FY25 Earnings Growth
Peet Limited (ASX:PPC) today announced its results for the year ended 30 June 2024.
Key Results1
- Operating profit2 and statutory profit3 after tax of $36.6 million
- Earnings per share of 7.77 cents per share
- FY24 dividends of 4.25 cents per share, fully franked
- 2,504 lots sold4
- Revenue5 of $314.4 million, with 2,418 lots settled4
- EBITDA6 margin of 21% on EBITDA6 of $66.7 million
- $481.2 million worth of contracts on hand as at 30 June 2024
- Gearing7 of 34.8%
Financial commentary
The Peet Group achieved operating profit2 and statutory profit3 after tax of $36.6 million for the year ended 30 June 2024 (FY24), compared to $70.1 million in the previous financial year (FY23).
The Group derived EBITDA6 of $66.7 million during FY24, compared to $107.0 million in FY23, with an EBITDA6 margin of 21%, compared to the margin achieved in FY23 of 29%. The reduction in EBITDA6 and the EBITDA6 margin is attributable to:
- challenging market conditions across the Vic and ACT/NSW markets, where the Company has several high-margin projects, resulting in lower sales and settlements; and
- the settlement of the New Beith (Qld)8 property in FY23.
Peet Managing Director and Chief Executive Officer, Mr Brendan Gore commented: “FY24 saw mixed operating conditions across the country, with strong residential markets in WA, Qld and SA partially offsetting those in Vic and ACT/NSW. Heading into FY25, conditions in WA, Qld and SA continue to be strong supported by enquiries at elevated levels, while Vic and ACT/NSW continue to be challenging although enquiry trends have improved.”
The performance has resulted in an operating and statutory earnings per share of 7.77 cents for FY24, compared to operating and statutory earnings per share of 14.79 cents in FY23.
Operational commentary
During FY24, 2,504 sales9 were achieved across the Group, compared to 1,399 sales9 in FY23 (up 79%), with strong market conditions prevailing across WA, Qld and SA.
The Group achieved 2,418 settlements9 across its Development, Funds Management and Joint Venture projects in FY24, compared to 2,594 settlements9 in FY23 (down 7%).
“While conditions in Vic and ACT/NSW were less favourable, Peet’s current view is that these markets are likely at or approaching the bottom of their respective cycles. The Group’s projects in Vic and ACT/NSW have significant embedded margins and are well positioned for a market recovery in these States.
“As at 30 June 2024, the Group had $481.2 million worth of contracts on hand, which compares to $476.4 million as at 30 June 2023. These contracts on hand benefit from price growth achieved during the year and provide the Group with a positive starting position and visibility of earnings as it enters FY25,” said Mr Gore.
Capital Management
As at 30 June 2024, the Group had:
- gearing10 of 34.8% (30 June 2023: 27.7%)
- net interest-bearing debt11 (including Peet Bonds) of $314.5 million, compared with $253.3 million at 30 June 2023
- cash and available debt facility headroom12 of $140.6 million; and
- a weighted average debt maturity of more than three years.
Gearing10, as expected, was above the target range of 20% to 30% at 30 June 2024. This is predominantly due to:
- land vendor payments for the acquisition of the University of Canberra (ACT) project and instalment payments for the acquisition of the Flagstone (Qld) project; and
- the significant investment in the development of lots and medium density product in response to the high level of sales activity across Development projects (particularly in Qld).
“As at 30 June 2024, more than 70% of the Group’s land bank was under development, with this expected to increase to approximately 84% over the next three years.
“The Group has a strong balance sheet and sufficient financial capacity to fund the current portfolio of projects, including accelerating delivery of product, if required, to meet increases in demand. With more than $480 million of contracts on hand, as at 30 June 2024, gearing13 is expected to trend down during FY25 and cash inflows from operations (before any payments for land) are expected to increase materially,” said Mr Gore.
Dividend
Subsequent to year end, the Directors declared a final dividend for FY24 of 2.75 cents per share, fully franked, bringing the total dividend for FY24 to 4.25 cents per share, fully franked. This compares to the FY23 dividend of 7.5 cents per share, fully franked. The final FY24 dividend is to be paid on Monday, 14 October 2024, with a record date of Wednesday, 11 September 2024.
Outlook
Peet expects that mixed market conditions will prevail during FY25, with:
- demand and price growth expected to continue, but moderating, in WA, Qld and SA; and
- residential markets in Vic and ACT/NSW expected to remain challenging, although improvements in enquiries indicate to Peet that these markets are likely to be close to or at the bottom of their respective cycles.
Markets generally remain undersupplied, with underlying fundamentals remaining positive including low unemployment, wage growth and continuing elevated levels of overseas migration.
Peet will continue to focus on executing our strategic objectives and maintaining a disciplined approach to capital management.
“The Group remains well-positioned to navigate the current environment, including having projects in Vic and ACT/NSW that are ready to benefit from a recovery in those markets and the capital to implement an appropriate delivery program in response,” said Mr Gore.
Subject to continuing market conditions and the timing of settlements, and supported by more than $480 million in contracts on hand, Peet is well-positioned for FY25, with expectations for earnings growth and strong operating cash flows.
This announcement is authorised for release to the market by the Directors of Peet.
For investor enquiries call:
Brendan Gore
Managing Director and Chief Executive Officer
Peet Limited
(08) 9420 1111
For media enquiries call:
Tom Horn
Corporate Practice Director, Australia and New Zealand
BCW Global
+61 402 733 157
Tom.Horn@bcw-global.com
1Comparative period is 30 June 2023, unless stated otherwise. The non-IFRS measures have not been audited.
2Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance. Operating profit excludes unrealised fair value gains / (losses) arising from the effect of revaluing assets and liabilities and adjustments for realised / unrealised transactions outside the core ongoing business activities.
3Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited.
4Includes equivalent lots.
5Includes statutory revenue of $292.6 million (FY23: $318.9 million) and share of net profits from associates and joint ventures of $21.8 million (FY23: $44.8 million).
6EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
7Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
8Settled in FY23 for circa $80 million (including GST).
9Includes equivalent lots.
10Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
11Including net debt of syndicates consolidated under AASB10.
12Including cash and available debt facility headroom of syndicates consolidated under AASB10.
13Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
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Googong unveils $143 million town centre
POSTED ON 19 Feb 2018
We are excited to unveil plans for our biggest expansion at Googong yet – a $143 million town centre that will bring 1800 new dwellings, 4500 residents and hundreds of jobs to the ACT region.
Parkindula Village – the new heart of Bluestone
POSTED ON 15 Feb 2018
There’s an exciting new precinct at Peet’s Bluestone, Mt Barker community in the Adelaide Hills – Parkindula Village – which is set to become a new focal point and central hub for this vibrant growing community.
Corporate cycling day raises funds for cancer sufferers
POSTED ON 2 Feb 2018
Important cancer research and therapy was the big winner at the annual Penny’s Hill Peloton corporate event on Saturday 20 January.
What's On - February
POSTED ON 23 Jan 2018
Get involved with whats happening in our communities around the country this February! Find out what's on in your state.
Introducing Tonsley Village – Adelaide’s most innovative new address
POSTED ON 16 Jan 2018
You can now be part of Tonsley Village, one of the most exciting and innovative residential developments in South Australia, which was officially launched by the Honourable Kyam Maher MLC, Minister for Manufacturing and Innovation, on Sunday 14 January.
Googong landmarks receive new Aboriginal names
POSTED ON 27 Nov 2017
Four prominent landmarks in the new township of Googong have been given Aboriginal names in recognition of the area’s Indigenous heritage which dates back more than 20,000 years.
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Strong full year performance for Peet Group
POSTED ON 24 Aug 2017
The Peet Group today announced an operating profit and statutory profit after tax of $44.8 million for the year ended 30 June 2017, which represents an increase of 5% compared with last financial year. Managing Director and CEO, Brendan Gore, said the results were achieved on the back of continuing strong conditions across the Group’s east coast markets. “The Group has continued to achieve price growth in these key markets and particularly across the Victoria portfolio. There were also signs of improvement in the Queensland portfolio, with increased levels of enquiry and sales,” said Mr Gore.
Peet Community Partners
POSTED ON 19 Aug 2017
Supporting the community is in our DNA. Here are just some of the highlights of the wonderful local groups and organisations we have supported through our Community Partnership Program over the past year.
Lego Travellers visit Peet Communities
POSTED ON 24 Jul 2017
Peet has been thrilled to have the Lego Travellers touring its communities in Western Australia throughout July.
Health and wellbeing at heart of Peet communities
POSTED ON 18 Jul 2017
Lifestyles are evolving and Peet is creating communities that respond to the changing needs of homebuyers at all stages of life. Not surprisingly, more residents are making the most of the shared spaces – parks and open spaces that are designed as a kind of ‘communal backyard’ with places to get active and also relax with parklands, waterways, walking and cycling trails, BBQs, shelters, and play equipment.
Flagstone Bridge Opening
POSTED ON 10 Jul 2017
We have a big, bold vision for Flagstone in Queensland where 12,000 homes and a complete city centre will be built over the next three decades and were excited to mark a major milestone on the project last week.
Peet preferred proponent for affordable housing project in Brabham
POSTED ON 5 Jul 2017
Peet is pleased to have been selected as the preferred proponent to partner with the WA Housing Authority to deliver the new Brabham project. With the potential to be home to thousands of residents with more than 3,000 dwellings, schools, neighbourhood shops and recreational areas, Brabham will be a major transit-oriented development linking the Swan Valley with the Perth CBD.
Doors open at Lakelands Shopping Centre
POSTED ON 27 Jun 2017
The new Lakelands Shopping Centre opened its doors to hundreds of waiting shoppers on Wednesday 21 June and is now the largest shopping centre between Mandurah and Rockingham south of Perth. The 20,000sqm centre is anchored by Coles, K-Mart and ALDI and boasts more than 40 specialty stores.
Military Art Program 2017 | Peet Limited
POSTED ON 1 Jun 2017
A unique exhibition of artworks from current and former serving defence personnel will be open – with some works available for sale – on the weekend of 25-26 June only at Wilkinson’s Gallery, Claremont Showgrounds. More than 100 works from participants in the Military Art Program Australia (MAPA), including representatives of Army (including SASR), Navy and Air Force, feature portraits, landscapes, abstracts and military war dogs, wildlife and other military and non-military subjects, a variety of sculptures and other works.
First Home Super Saver Scheme Explained | Peet Limited
POSTED ON 10 May 2017
If you’re looking to take that first step on the homeownership ladder, the Federal Government’s First Home Super Saver Scheme will help you save for a deposit by salary sacrificing into your superannuation account.
Small Lot Houses On Trend | Peet Limited
POSTED ON 3 Apr 2017
Peet’s commitment to innovation has always been a key driver of its success. Today’s affordability pressures; changing demographics and lifestyles; and the need to limit urban sprawl have all contributed to the increased demand for smaller lots and built form options that don’t compromise on space or quality.
Art At Sea Helps WA Forces This Festive Season | Peet Limited
POSTED ON 7 Dec 2016
WA defence personnel are taking up ‘arms’ in the form of pencils and paints to help them cope with being far from family and home during this festive season. A new initiative is encouraging serving men and women to immerse themselves in drawing and painting while they are away on a tour of duty. The Art In The Field project provides individual art packs to defence bases, outposts and naval vessels to give military personnel an artistic alternative to the usual off-duty activities such as fitness, sports and games – with a high degree of therapeutic benefit.
Peet To Support Operation Legacy Australia Kokoda Challenge 2017 | Peet Limited
POSTED ON 16 Nov 2016
Major General Stuart Smith AO, DSC, Legacy Australia Ambassador and former Legacy ward, has today launched a joint initiative which will see Australian Defence Force (ADF) Members mentor Legacy youth in a leadership development challenge, to commemorate the 75th anniversary of the Kokoda Campaign.
Alongside Strengthens Support For Frontline Families | Peet Limited
POSTED ON 6 Sep 2016
More than half a million people make up Australia’s frontline, working as Defence or Emergency Services personnel, where exposure to trauma is unavoidable and there is an increased prevalence of mental health problems.
Peet Announces Major New Redevelopment Project In Tonsley SA | Peet Limited
POSTED ON 30 Jun 2016
The Peet Group will partner the South Australian Government in the redevelopment of the residential component of Tonsley – a major new education, industry and residential precinct just 10 kilometres from the Adelaide CBD.
University Of Canberra & Peet Plan $1.7 Billion Project | Peet Limited
POSTED ON 30 Jun 2016
The University and Canberra and Peet have entered a conditional agreement for the proposed development of a new and innovative residential community in the ACT.
Education Minister opens Coastal Lakes College
POSTED ON 1 Jan 0001
Western Australian Minister for Education and Training, the Hon Sue Ellery MLC visited Peet’s Lakelands Estate on Friday 15 February to officially open the new public secondary school, Coastal Lakes College.