The global testing, inspection and certification company’s shares were driven by a debt refinancing agreement and its full-year results.
Let’s take a look at the month that was for the ALS share price.
A productive May for the ALS share price
Early in May, ALS stated it had agreed to refinance its bank debt with multi-currency, “geographically diverse” revolving facilities.
The company’s debt is valued at US$350 million.
JP Morgan and the Bank of America (NYSE: BAC) are also involved in the facilities.
ALS stated the refinancing would provide more liquidity, and better support its growth strategy and funding requirements.
On the day ALS released its full-year results, the company’s share price closed 12.8% higher than it did in the previous session.
ALS’ results included 25% more earnings before interest, tax, depreciation, and amortisation (EBITDA) than the previous year.
A fall in both revenue and expenses saw ALS bring in $421.1 million over the 12 months ended 31 March 2021.
ALS said its decreased revenue was mainly caused by the Australian dollar’s gains.
After expenses, ALS recorded a $174.1 million profit for the period.
The company will provide its shareholders with a fully franked interim dividend of 8.5 cents per share and a final 70% franked dividend of 14.6 cents.
The company also announced it has committed to repaying any COVID-19-related subsidies it has been given from various governments.
ALS share price snapshot
The ALS share price’s performance over May continues its solid streak across 2021.
Currently, the ALS share price has gained 26.9% since the start of the year. It’s also 70.6% higher than it was at this time last year.
The company has a market capitalisation of around $6 billion, with approximately 482 million shares outstanding.