FY21 Results: MND reported revenue of $1.95bn which is ~6% above expectations however profitability was a miss given margin issues, NPAT of $47.1m was a ~13% miss to consensus. The FY21 DPS of $0.45 was inline while guidance is now for lower revenue in FY22 – the market is positioned for a similar level. They talked to ongoing skill shortages with a review of their attraction & retention practices i.e. more money to keep good talent. We had NRW Holdings (NWH) report last week and rally ~20% on signs of better margins however MND have not enjoyed the same fate today. It’s clear that winning work is not the issue, fulfilling it is.
MM now has MND under review
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