Dowlais FY24 Net Loss Narrows, Stock Up

(RTTNews) - Dowlais Group plc., an engineering company, Wednesday announced a narrower net loss in the fiscal year 2024 compared with the last year.

Shares of Dowlais are increasing in the open market now.

For the fiscal year, pre-tax loss narrowed 59 percent to GBP 215 million from GBP 522 million the prior year.

Net loss narrowed 66 percent to GBP 168 million from GBP 495 million last year.

Basic loss per share was down 65 percent at 12.6 pence versus 36 pence in the previous year.

On an adjusted basis, profit was GBP 161 million, lower than the prior year profit of GBP 198 million. Adjusted basic earnings per share came in at 11.4 pence versus 13.8 pence last year.

Adjusted operating profit came in at GBP 324 million from GBP 355 million prior year. Adjusted EBITDA decreased to GBP 600 million from GBP 639 million last year.

Revenues, excluding items, dropped to GBP 4.94 billion from GBP 5.49 billion in the previous year.

The Board has proposed a final dividend of 2.8 pence per share. While the company's leverage is currently 1.7x, slightly above the target, this is expected to stabilize in the medium term due to market conditions.

If approved by shareholders, the dividend will be paid on May 29 to those registered by April 22. In addition, A Dividend Reinvestment Plan or DRIP is available, allowing shareholders to reinvest dividends in company shares.

Looking ahead, the company anticipates adjusted revenue to be flat or decline slightly in 2025.

Revenue is projected to be stronger in the first half, while profit margins will improve in the second half due to restructuring benefits

An operating margin is expected to range between 6.5% and 7% in constant currency.

Dowlais is currently trading 7.06% higher at EUR 22.06 on the German stock exchange.