Millennium Services Group Ltd - Strongest Quarterly Revenue Growth Since H2 FY18
SUMMARY
- Millennium Services Group Ltd (ASX:MIL) has released its Q1 FY24 cash flow incorporating updated revenue commentary.
- Contracted revenue rose 14.3%, an acceleration on Q4 FY23 on the back of new contract wins and wage inflation.
- Total growth was 12.6%, the strongest growth since H2 FY18. Operating cash flow was negative $3.6m, a 23% improvement on the pcp (implying improved gross margins) with both impacted by the timing of collections and an additional fortnightly wage payment.
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