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Carbonxt Group - FY23 Results Announcement

-- Revenues decreased 15.8% compared to FY22 primarily due to planned downtime during the year at both activated carbon plants to install updated equipment which resulted in lower production and sales than typical for the period, as well as the Group's largest customer deferring sales into FY24 due to an unplanned outage at its operations.
-- The first quarter of FY24 has started very strongly with revenues exceeding AUD $3m in the quarter thus far compared to AUD $2.3m in the prior quarter. These revenues reflect higher than expected powdered activated carbon sales due to relatively higher temperatures, as well as the anticipated receipt of deferred pellet sales from our largest customer.
-- Annual gross margin of 30%, down from 34% in FY22 principally due to the plant outages and lower sales from the pellet business line due to the deferral of the largest customer mentioned above.
-- Underlying EBITDA for FY23 was a loss of $2.2m, compared to FY22 EBITDA result that was close to breakeven. 

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