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Trading Update for the six months ended 30 June 2023

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Good trading in the first half, full year outlook confirmed

John 木 Group PLC (‘木’ or ‘该集团')公布截至2023年6月30日的半年交易更新('HY23’), and quarter ended 30 June 2023 (‘Q2’), including the headline draft financial results.

突出了
  • 上半年所有业务部门的交易都很好
    • HY23 revenue c.$2.90亿美元，同比增长约15%(按固定汇率计算+18%)，所有业务部门都实现了良好增长
    • HY23 adjusted EBITDA c.$195 million, up around 6% (+10% at constant currency)
    • 员工人数 up 5%1 to around 35,600 people
  • Momentum in strategic delivery
    • Significant contract wins including a c.$250 million 操作 renewal, a significant life sciences contract in USA, and a large minerals contract in Europe
    • Over a third of bidding pipeline from sustainable solutions2，从c上升.30% at year end
  • Cash flow story unchanged
    • Net debt (excl. leases) at 30 June 2023 around $650 million3,4, reflecting the expected cash outflow in HY23 (see page 2)
    • 预计在2023年下半年将产生正的自由现金流, and no change to full year expectations
    • 按照此前的指引，有望在2024年实现正自由现金流
  • Full year outlook confirmed

Ken Gilmartin, CEO, said:

“我们在实现去年11月提出的增长战略方面取得了良好进展. 交易显示持续良好的增长和利润符合我们的预期. We have won a number of significant contracts in energy, minerals and life sciences during the period, 所有这些都证明了木在其主要增长市场中令人兴奋的地位. As we look ahead, 我们对全年和中期的交货都有信心, including a return to generating positive free cash flow”.

Significant contract wins in HY23

Our order book at 30 June 2023 was around $6 billion, 不包括墨西哥湾业务，按固定汇率计算上涨3%5. 今年上半年获得的重要合同包括:

  • 两年c.与东南亚一家主要生产商签订了价值2.5亿美元的运营和棕地工程服务合同
  • 与欧洲锰公司签订了大型工程服务合同，提供可持续的矿物加工
  • 在美国与GSK签订了价值约5000万美元的重大生命科学工程合同
  • 为雪佛龙可再生能源集团的生物燃料设施提供扩展支持

HY23 financial highlights
  • 收入c.$2.9 billion was up around 15% (+18% at constant currency). 所有业务部门增长良好，项目增长强劲(+26%)，其中包括更高的传递收入，与去年上半年的疲软相比
  • Adjusted EBITDA of c.$195 million was up around 6% (+10% at constant currency). Reflecting revenue growth partly offset by a lower margin
  • Adjusted EBITDA margin around 7% compared to 7.去年2%. 较低的利润率反映了项目传递收入的增加，以及我们之前指导的整个集团的运营投资，以实现未来的增长
  • Net debt (excl. leases) at 30 June 2023 around $650 million1,2compared to $393 million at 31 December 2022. This cash outflow reflects:
    • Expected phasing of exceptional cash outflows, 今年上半年，中国流出了约1亿美元的资金.$135 million expected for the full year
    • c的支付.出售建筑环境咨询公司需要缴纳6000万美元的税款
    • 典型的季节性流动资金，今年的收入增长更大
    • A negative FX movement in net debt of around $20 million
  • Net debt / EBITDA (excluding leases) at 30 June 2023 was c.2.2倍
  • 员工人数, a leading indicator for growth, was up 5%1 to around 35,600 people

Q2 financial highlights

Revenue in Q2 was around $1.50亿美元，比去年增长约11%(按固定汇率计算增长14%)，所有业务部门都实现了增长. Adjusted EBITDA was in line with our expectations.

Outlook for 2023 unchanged

我们预计23财年的业绩将符合我们的中期财务目标，即调整后的EBITDA复合年增长率将达到中高个位数, with momentum building as we deliver our strategy.

如前所述，我们的业务产生了强劲的潜在运营现金流. In 2023, 这将被预计的约1.35亿美元的特殊资金流出和出售建筑环境咨询公司所支付的约6000万美元的剩余税款所抵消. As we look ahead, 我们预计今年下半年自由现金流为正, and positive free cash flow in 2024 as previously guided.

Trading across businesses

咨询 saw strong revenue growth of around 9% to c.$0.我们在能源安全和能源转型领域的解决方案持续增长.

Adjusted EBITDA was c.3800万美元. This reflects a lower margin of c.12% compared to c.去年13%, 这反映了我们去年上半年退出俄罗斯业务的影响，并增加了支持未来增长的投资.

项目 saw very strong revenue growth of around 26% to c. $1.2 billion as our recovery in this business accelerated. This partly reflects increased pass-through revenue, which was approximately half of the growth, and a softer comparator in H1 2022. 考虑到2022年下半年的强劲对比，下半年的收入增长将显著降低.

Adjusted EBITDA was around 8% higher at c.$88 million with the margin lower than last year at around 7.1%, mainly reflecting the impact of pass-through revenue.

操作 saw like-for-like revenue growth of around 9% to c.$1.20亿美元，不包括墨西哥湾业务的出售5,6. 这一增长反映了整个企业更高的活动水平.

Adjusted EBITDA was broadly flat year-on-year at c.7500万美元.

Investment Services saw adjusted EBITDA at c.2500万美元，反映了我们涡轮机合资企业的强劲表现.

成本中心 were around $30 million.

FURTHER DETAILS

Conference call

网络直播和电话会议将于今天上午8:00(英国时间)与Ken Gilmartin(首席执行官)和David Kemp(首席财务官)举行。. The webcast will be live at http://edge.media-server.com/mmc/p/crqx4kao.

如欲参加电话会议并提出任何问题，请通过以下方式注册:

http://register.vevent.com/register/BI5ca9e48b8fcb42cc802c46d802b6db9b.

网络直播和文字记录将在活动结束后提供 data.selenaumbrella.net/investors.

Half year results

我们将于2023年8月22日公布半年的全部结果.

For further information:

Simon McGough，总裁，投资者关系+44 (0)7850 978 741

Vikas Gujadhur，投资者关系高级经理+44 (0)7855 987 399

亚历克斯·勒可能Ariadna, FTI咨询                      + 44 (0) 20 3727 1340

笔记

  1. Excluding Gulf of Mexico business, see note 5 below.
  2. 与可持续解决方案相关的管道估计份额:可再生能源, 氢, carbon capture & storage, electrification and electricity transmission & distribution, LNG, waste to energy, sustainable fuels & feedstocks and recycling, processing of energy transition minerals, life sciences, and decarbonisation in oil & gas, refining & 化工、矿产加工及其他工业加工. 在混合作用域的情况下，包括脱碳元素, 只有当75%或更多的范围与该元素相关时，这些元素才包括在脱碳中.
  3. 本集团使用2亿元的应收账款融资工具. 截至2023年6月30日的使用金额为2亿美元(2022年6月30日:2亿美元). 该贷款对集团无追索权，因此不包括在我们的净债务中.
  4. Net debt / EBITDA (excluding leases) at 30 June 2023 c.2.2倍. 净债务/ EBITDA比率是根据采用IFRS 16之前的基础计算的, 使用净债务，不包括租赁和EBITDA，包括IFRS 16折旧.
  5. 2023年3月，以1700万美元的价格完成了墨西哥湾劳动力业务的处置. 这项业务贡献了大约9000万美元的收入，大约3亿美元.5 million of adjusted EBITDA in 2022. 员工人数 in this business was around 600 people.
  6. Reported revenue growth in 操作 was around 5%.