- OEPS was 41.9 cents per share
- Operating profit rose almost 28%
- Company to total 200MW in solar by June this year
Goodman Group (ASX: GMG) has released its HY22 results, upgrading its FY22 EPS growth forecast to 20% following strong performance across the board.
The positive figures come months after a less than favourable AGM held in November 2021, where the company suffered its first strike, nearly 42% of shareholders voted against the remuneration report.
| HY22 | HY21 | Change | |
| Operating profit | $786.2 million | $614.9 million | 27.9% |
| Revenue and other income | $3,007.9 million | $1,885.7 million | 59.5% |
| Profit (statutory) | $2,002.8 million | $1,041.5 million | 92.3% |
| Total assets under management | $68.2 billion | $51.8 billion | 31.7% |
| Net tangible assets (cps) | 769.3 | 603.4 | 27.5% |
| Gearing | 7.2% | 4.8% | Up 240 basis points |
The company reported operating earnings per share of 41.9 cents, up 27% on the previous corresponding period, and available liquidity of $2 billion, excluding available equity commitments, cash and undrawn debt of $17.3 billion in Partnerships.
“The Group’s long-term focus on infill locations is underpinning our strong performance, and driving the volume and scale of the $12.7 billion workbook,” said Group CEO, Greg Goodman.
“Goodman continues to grow organically through development activity. This is increasingly reflected in the investment and management business performance as we focus on delivering sustainable opportunities for our customers and investors.”
Despite the ongoing construction challenges, the company said its margins have remained strong thanks to proactive management in procurement and contingencies for time and cost.
Rental growth and value-add activities across the Goodman portfolio have assisted in offsetting the rising costs.
The company has also stated it is committed to or will install another 75 megawatts of solar by June this year, taking the total to 200 megawatts. If that figure is reached, the company will be halfway towards its 400-megawatt target, the target year to achieve that being 2025.
In addition to comments on strong business performance, Mr Goodman said: “COVID related disruptions in FY22 have been managed to have less impact on the full year projections than we had initially assumed. The operating outlook for the business is strong and gives us confidence for the remainder of this year.”
“Consequently, we are upgrading our market guidance for FY22, with Operating EPS growth projected to be 20%.”
