Perenti posts record results with DDH1 on board

Staff reporter

Global contract mining heavyweight Perenti has increased first-half net profit 20% year-on-year to A$78.5 million on 13% higher revenue of $1.63 billion on the back of its $330 million acquisition of DDH1 in October last year.

The company has maintained FY24 full-year guidance at $3.3-3.5 billion revenue and $310-325m operating profit, with capital expenditure pegged at $350m and free cash flow of more than $100m for the year.

Perenti now has about 11,000 employees working in 12 countries on more than 60 projects. Gold-sector work accounts for a whopping 63% of group revenue.

Underground hard-rock mining is Perenti’s dominant business with $1.08b of H1 revenue (up 7% yoy). Surface mining (c$220m) and drill services ($235m) have been split.

Management said Perenti’s H1 revenue and underlying EBITDA of $312.4m were records.

Net debt was at $594.1m at the end of the period.


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