Schaffer Corporation (SFC) H2 2024 earnings summary

Executive summary

• Net profit after tax (NPAT) for FY24 was $27.1 million, up 99% year-over-year from $13.6 million.

• Revenue increased 23.2% to $226.2 million compared to FY23.

• Strong performance from both Automotive Leather and Delta divisions, with significant profit growth in each.

• Group Investments contributed $10.5 million to NPAT, including an $8.1 million unrealised revaluation gain.

Financial highlights

• Automotive Leather NPAT rose 39% to $15.3 million on a 27% revenue increase to $182 million.

• Delta NPAT more than doubled to $4.5 million, with revenue up 8% to $31.1 million.

• Group Investments NPAT surged 226% to $10.5 million, driven by property revaluation gains.

• EPS increased 99.1% to $1.99.

• Fully franked ordinary dividends maintained at $0.90 per share.

Outlook and guidance

• Automotive Leather expects higher profitability in 1H25 as new Audi programs launch and operational efficiencies improve.

• Delta's strong performance is expected to continue in 1H25 based on the current order book.

• Group Investments may experience profit volatility due to periodic revaluations.