Operator

Thank you for standing by, and welcome to the Emeco Holdings Limited Full Year Results. [Operator Instructions] I would now like to hand the conference over to Mr. Ian Testrow, CEO and Managing Director. Please go ahead.

Ian Testrow
MD, CEO & Executive Director

Good morning, and thank you for joining the call. With me today are Theresa Mlikota, our Chief Financial Officer; and Stephanie Ottens, our General Manager, Investor Relations.

I’ll start by touching on our results and important highlights from this past financial year and also cover our strong history of returns, followed by our outlook for FY ’27. I’ll then provide further detail on our individual segment performance. Theresa will take you through the detailed financial results before I finish with a closing summary and an opportunity for questions.

I’ll open with safety as it’s our top priority. Our goal remains to operate a zero harm workplace and the engagement of every Emeco employee in the safe work practices is important to achieving this outcome. Our total recordable injury frequency rate decreased to 2.3 at the end of the financial year, reflecting continued progress in identifying risk, learning from incidents and driving ongoing improvement in workplace safety. Regrettably, we recorded 1 lost time injury during the year, a reminder that we can never be complacent on why leadership and continuous improvement in safety is so important.

On environment, this year marked a significant milestone in Emeco’s sustainability reporting, completing our first mandatory climate-related disclosures under the new legislative framework. Emeco’s operational greenhouse gas emissions remained low at 4,555 tonnes of CO2 equivalent and primarily relate to diesel consumption

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FUNDAMENTALS

Spot gold was little changed at $4,512.19 per ounce, as of 0031 GMT, after hitting its highest level since June 2 at $4,525.79 earlier ‌in the ⁠day. Prices ⁠jumped more than 4% on Wednesday.
U.S. gold futures for December delivery rose ​0.6% to $4,569.80.

Yields on long-dated U.S. Treasuries fell, with the increased demand following an ​announcement that the Treasury Department would double the size of liquidity support buyback operations for longer-dated notes and bonds. [US/]

The U.S. dollar remained ​subdued, making greenback-priced metals less expensive for buyers ⁠holding other ‌currencies. [USD/]

Live Events

Total U.S. debt has topped $40 trillion for ​the first ​time, the Treasury Department said on Wednesday, drawing fresh ⁠warnings that a fiscal crisis is brewing as ballooning ​costs for social safety-net programmes and interest payments ​far outstrip revenues held back by tax cuts.
Concern about inflation deepened at the Federal Reserve’s meeting last month, with “several” policymakers ready to raise interest rates and “many” saying a hike in borrowing costs would be needed if inflation does not decline to the U.S. central bank’s ‌2% target, the minutes of the session showed on Wednesday.Traders are pricing in a 67.3% chance that the ​Fed will ​keep rates unchanged ⁠and a 32.7% chance of a rate increase in September, according to the CME FedWatch Tool.

Gold is considered a safe investment during geopolitical and ​economic turmoil, while higher interest rates reduce its appeal as it yields no interest.

Among other metals, spot silver gained 0.2% to $67.06 per ounce. Platinum fell 0.4% to $1,816.78, while palladium rose 0.3% to $1,339.05.

DATA/EVENTS (GMT)

0100 China Loan Prime Rate 1Y, 5Y Aug

1230 US Initial Jobless Clm 15 Aug, w/e

1230 US Philly Fed Business Indx Aug

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