Lindsay Australia reveals record revenue results

Lindsay Australia, delivered a record revenue for the 12 months ended 12 June 2019. The company reported a revenue of $386.07 million and a net profit after tax of $8.87 million, an increase of 10.2 per cent over the prior year, as part of its FY2019 results.
Underlying Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the financial year increased $1.57 million to $37.72 million, an increase of 4.4 per ent. On a reported basis, EBITDA increased 11.8 per cent to $40.41 million. The uplift in the EBITDA benefitted operating cash flow and lowered the Group’s net debt position.
Transport external freight revenue for the year grew $18.54 million (7.4 per cent) to $268.26 million. Produce freight volumes were negatively impacted in some regions due to adverse weather and seasonality but these reductions were offset by growth across capital cities and additional revenue from expansion and refrigerated rail. Brisbane, Sydney, Melbourne, Adelaide and Perth revenues collectively increased 14 per cent for the year.
Transport is reported to have made a divisional contribution in FY2019 of $31.22 million, which included additional fuel tax credits of $3.36 million relating to prior years.
Import/Export logistic revenue for Lindsay Fresh Logistics increased by 18 per cent in FY2019 to $5.48 million. Investment in new equipment during the second half of the year will reportedly generate revenue for the division by providing value-add services for both existing and new customers.
Rural external revenue growth for the year grew $4.07 million (3.7 per cent) to $113.99 million. Rural made a Divisional contribution in FY2019 of $3.87 million, an increase of $880,000 (29.4 per cent). the division was also able to benefit from operating cost reductions from the branch rationalisation and consolidation.
“We are pleased to announce a strong set of results for the 12 months to 30 June 2019, achieving record revenue and over 10 per cent growth in net profit after tax. This result is a testament to our investment strategy which has seen is diversify our location and service offering over recent periods, mitigating industry risk and capturing new revenue,” Kim Lindsay, CEO at Lindsay Australia said.