Millennium Services Group Limited announced audited consolidated and parent earnings results for the full year ended June 30, 2018. For the full year on consolidated basis, the company reported, revenue was AUD 282.1 million, up 12.8% on pro forma 2017. Underlying EBITDA was AUD 15.4 million, down 18.5% on pro forma 2017. Underlying EBITDA was impacted by revenue mix shifts affecting margins, and reflects a short-term increase in overhead expenditure during the transitional phase. Statutory net loss after tax was AUD 0.747 million, which incorporates AUD 3.33 million of non-recurring increases in provisions that are largely related to legacy issues. The company's revenue performance was driven by strong, but disciplined, growth. While revenue was supported by new and renewed contracts in traditional areas of strength such as retail cleaning, diversification of the contract book continued into new segment areas, in line with company strategy. Statutory EBITDA was impacted by several one-off items including public liability claims and legal expenses, employee entitlements and adjustments for non-recurring debtor recoveries. Earnings before interest, tax, depreciation and amortization of AUD 8,794,000 were 37.6% lower than the prior period. EBITDA in the current period was impacted by a 30.4% increase in overhead expenditure of AUD 7,858,000 and AUD 3,330,000 of non-recurring increases in provisions. Loss before income tax expense was AUD 989,000 against profit before income tax of AUD 6,874,000 a year ago. EBIT was AUD 1,091,000 against AUD 8,448,000 a year ago. Loss after income tax expense for the year attributable to the owners of the company was AUD 747,000 against profit after income tax expense for the year attributable to the owners of the company of AUD 5,045,000 a year ago. Diluted loss per share was 1.63 cents against diluted earnings per share of 10.98 cents a year ago. Net cash from operating activities was AUD 8,350,000 against AUD 10,873,000 a year ago. Payments for property, plant and equipment was AUD 3,806,000 against AUD 1,574,000 a year ago.

For the year on parent basis, the company reported profit after income tax was AUD 2,341,000 against loss after income tax of AUD 2,632,000 a year ago. Total comprehensive profit was AUD 2,341,000 against total comprehensive loss of AUD 2,632,000 a year ago.

For the financial year 2019 the company expects underlying business fundamentals provide a strong platform for improved returns. Overheads remain a focus and are expected to trend lower. The company expects to achieve revenue in the range of AUD 290 million to AUD 310 million, and EBITDA in the range AUD 15.5 million to AUD 17.5 million.