Ventia shares lift as 13% profit boost tops guidance
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The news: Infrastructure group Ventia saw its shares rally after reporting 13% growth in full-year net profit, exceeding the top end of its upgraded guidance range of 10% to 12% growth compared to the 2023 fiscal year.
The numbers: Ventia shares were up 6.5% to $4.11 at 12:40pm AEDT.
The company, which is one of the largest infrastructure service providers in Australia and New Zealand, recorded FY24 NPATA of $227.9 million. It also guided underlying NPATA growth of 7% to 10% on FY24 for the current year.
Ventia declared a total dividend of 19.98 cents per share, up from 17.72 cents per share a year ago.
It also announced an on-market buyback of up to $100 million.
The context: Ventia shares tumbled in December following price fixing allegations by the Australian Competition and Consumer Commission.
In today's earnings release, Ventia's managing director and group CEO Dean Banks said the company will defend the allegations and that it has not yet identified any misconduct.
The source: ASX announcement
