I would now like to hand the conference over to Mr. Peter De Leo, Managing Director. Please go ahead.
Thank you very much, and thank you for joining us for our full year results presentation. As the operator said, after the formal presentation, there will be some time for questions, so certainly encourage any questions. This morning I also have with me in the room Rod Leonard, our Chairman, and Justine Campbell, our CFO, so I'll run you through the presentation and give you an update on the business, on the company, FY 2024 so founded 32 years ago and headquartered in Perth, we remain active across the mineral resources, rail infrastructure, and industrial processes sectors, and this morning I'll talk a lot more about the work and the specific activities we have been undertaking across the year. We retain a long-standing and stable board. Excuse me.
As at the close of market yesterday, the price of a share in the company was AUD 14.02. With an earnings per share of AUD 1.276, we have declared a second half dividend of AUD 0.40 to take our full year dividend to AUD 0.77. The dividend, as has been the case across our history, will be fully franked. Our share register remains stable and consistent in breakdown between institutional investors, board and management, and retail investors. We continue to provide full project evaluation, delivery, and optimization services. We also continue to seek new ways of broadening these services, as I will talk to you later in the presentation, when we talk a little bit more about strategy. We service our clients globally with offices in Australia, in Asia, Africa, and the Americas.
The latter has been strengthened with this year with the opening of our office in Lima, Peru. By way of company snapshot for FY 2024, the company again achieved record revenue and profit on the back of a high level of activity, high staff numbers, and high utilization within the business, reflecting the robust markets within which we have worked. We retain a high quality team of professionals, delivering quality services for our clients and managing an outstanding portfolio of projects and studies across all the sectors in which we operate. As always, we have in the past year remained focused on ensuring the safety and wellbeing, not only of our 1,300 personnel, but of those working on our controlled construction sites across the world.
We've managed almost 17 million man hours, equivalent to an average workforce of 6,000 people working across 15 major construction phase projects. A Lost Time Injury Frequency Rate of 0.06, and a Total Recordable Incident Frequency Rate of 0.88. Both of these are well below industry standards, not only globally, but in Australia. By way of financial highlights. We generated revenues of AUD 349 million. As I said earlier, that's record revenue for the business, and a net profit after tax of AUD 50.7 million. Cash in bank at thirtieth of June was AUD 67.6 million. I'll talk more about this later, but based on our closing share price of yesterday and our results, we are trading currently at a P/E price-to-earnings ratio of 9.8.
In terms of sectoral split, we continue to be predominant in the mineral resources sector, with 93% of our revenues generated in this sector, with the balance, split evenly between rail infrastructure and industrial processes. We've introduced into our presentation a slide, this year, showing our financial performance of recent years. That slide shows your earnings per share across the last eight years, dividend across the last eight years, as I said earlier, always fully franked, price-to-earnings ratio, and return on equity. The graphs show a traditionally strong focus on the return for the work we perform, i.e., the profit that we make, in particular across the last three years.
I also note that across FY 2018-FY 2021 our share price reflected a price-to-earnings ratio of around fourteen, higher than that which we have seen in recent years, and certainly higher than that we've seen this morning. In terms of split of revenue by project geography, this remains generally in line with prior years, with the predominant amount of our revenue related to projects in Africa, followed by Australia, the Americas, and then other geographies. We retain a very strong balance sheet with negligible debt, a net tangible asset per share of AUD 3.05. Lycopodium remains able to leverage its own balance sheet to conduct its business and pursue its strategic initiatives, and has never had to raise capital post initial float in 2004, or to dilute existing shareholders....
I think this is an important note to be aware of with regard to business. We'll now move on to operational highlights. I'm pleased to report that there have been many operational highlights from the past year, and I'll just run through some of these because it has been a very busy year, a year of great success, but in terms of projects, and this is now in resources, projects which have been commissioned or been completed during the year. I'm happy to report that we've completed the Kathleen Valley project for Liontown Resources, West Australian Lithium. The Sabodala-Massawa Gold Expansion Project in Senegal for Endeavour, and the Lafigué Gold Project in Côte d'Ivoire for Endeavour. We also, earlier in the year, completed the Langer Heinrich Mine Restart Project.
That was done by our team out of Cape Town, and that project, of course, uranium and in Namibia, and the Matamba Mineral Sands Pilot Plant in Mozambique, again, by our team out of Cape Town. In terms of projects which are progressing, we have the Ahafo North Project for Newmont, gold in Ghana, the CGP3 project, Talison Lithium in Western Australia. Batu Hijau Expansion Project, copper expansion project in Indonesia. The Goulamina Lithium Project for Leo Lithium in Mali. The Kiaka Gold Project for West African Resources in Burkina Faso, and the Anglo American Footprint Production Project at the Mogalakwena platinum palladium concentrator in South Africa. Again, all those projects are progressing very well.
We're also ramping up, and continue to ramp up the feasibility study and basic engineering works on the Reko Diq Copper Project for Barrick in Pakistan, the study for the Lumwana Copper Project in Zambia for Barrick, the Boto Gold Project for Managem Senegal, Yanqul Copper Project, Mazoon Mining in Oman, and the Twin Hills Gold Project early works for Osino Resources in Namibia. I'm also very pleased to report that our pipeline of studies remains strong, and this is an important indicator for what our future business might look like.
In terms of industrial processes, we've had a very successful year as well, having progressed and in some places completed a number of projects, including the CSL Seqirus influenza vaccine manufacturing facility, Nutrien Ag new manufacturing facility. We've helped Pilbara Minerals with their mid-stream project and have largely completed that engineering works as we sit here today. Yarra Valley Water Bioenergy Plant, Green Hydrogen to Energy Project in Queensland, and the Thales ONA Tank Farm, so back into that defense space as well.
In rail infrastructure, we continue to provide design, engineering, technical advisory, and RIM services for key clients, including ARTC, with a number of important briefs, including the Southern Highlands Overtaking Opportunities project, and Pacific National, where we continued working on our three-year contract, which commenced in 2023 to conduct all rail infrastructure inspections at 57 of PN's sites across Australia. Again, our rail infrastructure business remains quite busy. In terms of company highlights, there have been many, but some of particular note, we released our inaugural sustainability report in November of 2023. As I mentioned earlier, we opened our office in Lima, Peru, initially at a modest number of 14, 15 people.
That's now growing and will be double in size by the end of October, and there's forecasts of growth further beyond that to emulate really what we have in Manila. We rolled out our new enterprise resource planning system, SAP. That really is a critical and important system that's roll out is well advanced, and it's going very, very well and replaces Oracle, which has been used in a large part of the business, and in some parts of the business, it is the first time that the singular ERP system is being introduced. Again, we consider it critical and important to ensure that we have one single source of truth across the business.
We've also, in the people space, expanded our learning and development initiatives, including our Emerging Leaders program, Graduate Development program, site-Summer Vacation program for technical students. W e also facilitated our first virtual technical summit across all our businesses, across all our offices, showcasing technical prowess within the business, which, of course, is germane to being a successful engineering and project delivery business. Innovation is embedded into everything we do, and we have on this slide a snapshot really of the innovation or some of the innovation focused initiatives, including digital engineering, which is being championed here in Perth, as well as in Cape Town in particular, with a number of very specific projects being undertaken to improve our journey from a digital engineering space.
We remain involved with the Future Battery Industries CRC and are looking at other CRC opportunities that are relevant to our business and relevant to our sectors which we service. We have commenced the Bolt Equipment Company, which really seeks to altogether a lot of the innovative equipment and designs that we have in the business. Of note, we have a PodVault system, which is an innovative bin liner fixing system, and which mitigates a lot of the challenges around replacing bin liners, you know, wear liners within the bins, and counters a lot of the safety and operational issues that are often faced in doing that. That's one example, but there are others within that sort of product company.
We also continue to focus on R&D aspects of energy storage, and particularly through our latter process industries business. Doing quite a bit of work have across the year and continue to do in that space. Orway IQ, Orway is our fully owned subsidiary. Their MillROC product is an online platform providing cloud-based, customized data analysis and optimization of mineral processing plants. That really continues to go from strength to strength. And we've a number of other items. I won't go through all of them on that slide, but a number of other items we are continuing to be involved with in the innovation space. We consider it important to support the communities within which we work, and we generally do this via the Lycopodium Foundation.
This year, causes which we have, and initiatives supported by the foundation, have included the Clontarf Foundation, the Milkumara Foundation, as well as BASICS International. This year kicked off the Ubuntu Football Academy in Cape Town. That is emulates in some regards, totally separate, of course, but emulates in some regards of what Clontarf do in particular. There's a number of other foundations and charities, of course, which we continue to support. Our support, as it says on the slide, is aligned with the intrinsic philosophies and values of the business.
We enjoy many long-term client relationships and repeat business. We do not take this for granted, and we strive to overperform on our commitments which we make. You can see across resources, rail, infrastructure, and industrial processes, many familiar names. Many of those companies we've worked for for a very long time, and many for over 10 years, some for over 20 years, and delivered many, many projects and studies for them.
Just on the major projects, I'll just talk to you, some of you that have or those of you that have seen our more recent presentations, you'll see, would have seen this slide. Really, I won't go into the detail, but it really is to demonstrate that there is a strong pipeline of studies which continues to feed our early stage on-site delivery and late stage delivered projects that you can see there. I've touched on many of those in the operational highlights across the series, so I don't need to go on.
The mix of commodities across the mineral sector in particular, which as I said earlier, generates greater than 90% of our revenue and earnings, in which we're currently involved, is shown on this particular slide. You can see they remain broad and relevant to the market outlook. In terms of market outlook, we continue to see strong long-term demand for minerals and metals, relevant in particular to the ongoing energy transition. The energy transition is something, I mean, in the past, we've seen, you know, and we appreciate the work what is largely a cyclical sector.
Certainly what has been a little different this time across what has in the last couple of years been a tough market for juniors and some commodities is that the energy transition has really changed that, and that will continue to attract capital to global supply. C ertainly not seeing any letup in the demand for our services in that regard. Demand for gold remains high. a gain, we're a company with over thirty years of experience in delivering gold projects across the world. Demand for iron ore is expected to continue. Just kicked off a project with our Mondium joint venture project office for Rio Tinto, that space, s o pleased to still be involved in the iron ore space.
In terms of our rail infrastructure business, the railway construction and maintenance activity outlook is strong for a number of reasons, but certainly supported by some different publicly funded projects. In terms of our industrial processes business, we see domestic manufacturing remaining strong after COVID, which has been good. Its business is doing well, and it's firing on all cylinders. I t also is an important part of how we support the energy transition, and a lot of, as I said earlier, a lot of work we do in the energy space is through our industrial processes business. They're also moving and have won work in recent times in waste and recycling, water and wastewater, and new work in hydrogen, and all those areas remain very relevant.
Really, as I said earlier, that transformation of the global energy sector from fossil-based to zero carbon sources really represents a period of opportunity for our company and what we do. We firmly expect that our expertise will remain sought after, given everything that I've just described. In terms of strategy, these remain fairly consistent, and the course heading remains consistent, underpinning the successes we've had. Geographic reach, we continue to expand that and to look at opportunities for taking our services to those new geographies where we consider they will be valued. We continue to operate and to deliver a balanced portfolio of projects.
Again, that's really around our traditional EPCM delivery, but also with a smattering of EPC style projects and contracts, where we seek to get a little bit more return for the risks we manage and rightly should bring. We stay firmly focused on attracting, engaging, inspiring, retaining high performance team quality professionals. We continue to mature our processes and our initiatives in that area. I've spoken around the emerging leaders programs, various coaching efforts, online training, et cetera. Knowledge management. As with any business of our age, we've developed a lot of IP over the years, and we certainly want to make sure that we can access that well.
We invested in systems to drive efficiency and to facilitate work sharing across our various businesses globally, and this has proven to be very, very successful across the last few years, and it certainly was pivotal to us getting through those years when, over the last few years, with work from home and other things have become more appropriate. Innovation, I've already spoken about, and we remain involved with a number of industry bodies as well as our own internal innovation awards, as I mentioned earlier at Global Technical Summit this year, and we remain aware and try to seek opportunities to grow our activities in terms of engineering and project delivery in the energy transition space.
As I said, it's a steady course, a stable course, a course that has seen us historically be able to sail very, very successfully through, you know, calm waters, but also the odd stormy waters. V ery proud of what we've achieved this year as a business. The team's done exceptionally well, as I said, across the globe and I think that we're poised to do the same years to come.
That is it for the formal presentation, and I thank you all for calling in this morning and for listening. Now, if you have any questions, they're certainly welcome. I welcome questions. Thank you.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. We will now pause momentarily to allow questions to be registered. Once again, if you wish to ask a question, please press star one. Your first question comes from Greg O'Keefe with Tyco Superfund. Please go ahead.
Yes, thank you for the opportunity to speak to you. Rather than a question, I would just like to compliment the board on the clarity of its reports. I really appreciate the simple well-constructed language. By comparison, I read so many nonsense reports full of gobbledygook language. It's just refreshing to have well-constructed, plain speaking clear language. T hat's all I'd like to say. Thanks again for the work you've done this year. I'm very impressed with the management and the board, and that concludes all I have to say. Thank you.
Thank you very much, Greg. Much appreciated. We strive to do that, so I'm glad it's received that well.
Thank you. There are no further questions at this time. I'll now hand back to Mr. De Leo for closing remarks.
Again, thank you, everybody, for calling in this morning. It is appreciated. Your support is appreciated, and your interest in our business is appreciated. We continue, as I said earlier, to do what we've been doing, and we've been successful in that to date, so we'll look to stay the course. Thank you again, and if there's nothing else, we'll close today's session.