Venture Corporation V03 % has reported earnings of $195.3 million for its 2HFY2022 ended December, up 13.8% y-o-y.
Earnings for the full year increased 18.4% y-o-y to $369.6 million. Diluted earnings per share increased 18.5% y-o-y to 126.8 cents in FY2022, up from 107.0 cents in FY2021.
Revenue for its 2HFY2022 grew 23.4% y-o-y to $2.06 billion, while revenue for the full year increased 24.3% y-o-y to $3.86 billion.
The revenue growth reflects robust customer demand in several technology domains and new product introductions during the year, the company says.
Healthcare and wellness; life science and genomics; and test and measurement instrumentation technology domains were significant contributors to the overall performance.
“The group has executed well to deliver broad-based growth amid supply chain constraints and inflationary pressures,” it says in a results filing.
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For the financial year ended December, Venture Corp’s operating cash flow before working capital changes increased 18.4% to $473.2 million from $399.7 million recorded in the same period last year.
The company registered a higher net cash flow generated from operations at $269.1 million for FY2022, up from $101.8 million in FY2021. This is mainly due to higher net receivables and payables position from the robust top line performance.
As at December 31, Venture Corp’s balance sheet remained healthy with $812.6 million of cash and bank balances.
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Its board of directors has recommended a final dividend of 50 cents per share on a one-tier tax-exempt basis for FY2022. Including the interim dividend of 25 cent per share paid in September 2022, the total dividend for FY2022 will amount to 75 cents per share.
Subject to the approval of shareholders at the upcoming annual general meeting to be held in April, the proposed final dividend will be paid on May 23.
Moving forward, the company will invest in the development of new differentiating capabilities in multiple technology domains to stay uniquely relevant and immensely impactful.
Venture Corp will continue to enhance its human capital, including strategic hires, to ascend new heights and attain its long-term objectives of creating value for all stakeholders, the company says.
Shares in Venture Corp closed 21 cents higher or 1.16% up on Feb 24 at $18.17.