Transurban shares slip as earnings misses expectations

The news: Transurban CFO Michelle Jablko will succeed Scott Charlton as chief executive of the toll road operator, which has reported a five-fold lift in full-year profit.

The numbers: The company’s statutory profit for the year to June 30 surged to $92 million, up from the Covid-impacted result of $16 million in the previous year. Earnings climbed to a record $2.45 billion, ahead of market expectations, while revenue was up 22.1% to $4.2 billion. It will pay a final dividend of 31.5 cents a share.

The context: Ms Jablko will assume her new role after Transurban’s annual general meeting in October. She joined the toll company in early 2021 after spending five years at ANZ, where she was the bank’s finance head. It followed Transurban’s announcement in February that Scott Charlton would retire after 11 years at the helm. The group took advantage of low rates to expand its road network and has subsequently been able to raise about 70% of its tolls in line with high inflation.

What they said: "Michelle brings a balance of strong leadership, financial acumen, experience in complex transactions, a focus on building relationships with all stakeholders and a sharp strategic mind," Transurban chairman Craig Drummond said in a statement.