Solid result reflecting benefits of long-term, low-risk government-backed service contracts, providing consistent predictable earnings base;
Rebound in domestic tourism led to strong growth in Marine and Tourism business, contributing to 6.2% growth in Group Revenue to $678.3 million;
Contract indexation mechanisms effectively hedge inflation for majority of bus businesses;
Underlying EBIT (adjusted for one-off costs associated with M&A) grew by 17.8% to $44.9 million despite inflationary environment;
Underlying NPAT increased by 21.6% to $26.5 million;
Continued strong balance sheet and cash flows supports the fully franked interim dividend of 7.5 cents per share, (1HFY22: 7.0 cents per share);
New bus contracts won in Sydney including retention of existing Sydney Region 3 contract demonstrate leadership in operational excellence, decarbonisation, and efficiency; and
Acquisitions of Starship Vessels and North Stradbroke Island Buses and agreements to acquire Horizons West Coachlines and Grand Touring NT during the period.
Kelsian performed well in challenging conditions, continuing to diversify its resilient contracted earnings base
Underlying EBITDA increase of 9.3% on prior year to $183.1 million, reflecting the strength of the business and defensive contracted model
Total revenue of $1,324.7 million, up 12.9% on the prior year
International Bus outperformed expectations following the London restructure and doubling of the Singapore contract base
Australian Bus performed in line with expectations with an increased EBITDA and margin expansion
Marine & Tourism showed improvement late in the period following impacts of border restrictions, travel uncertainty and COVID-19 over the Australian summer
Cashflow and Balance Sheet remain strong, positioning Kelsian for growth; Balance Sheet capacity was utilised to fund strategic acquisitions, asset renewal and fleet investment
Award of up to a 25-year contract to continue to operate ferries to Kangaroo Island
Reinforced market leading position as Australia’s largest operator of zero emissions buses with 58 battery electric vehicles in operation, a further 59 on order and four hydrogen fuel cell buses to be deployed
Change of corporate name from SeaLink Travel Group Limited to Kelsian Group Limited
Inclusion in the ASX 200
Final dividend of 9.5 cents per share, an increase of 0.5 cents over the prior