Shares in mining services company Macmahon Holdings (ASX:MAH) saw a significant boost of up to 6.5%, reaching A$0.16, following a positive outlook for FY24.

Macmahon foresees a revenue between A$1.7 billion and A$1.8 billion for FY24, surpassing average analysts' estimate of A$1.72 billion.

In addition to their revenue forecast, they have indicated a targeted dividend payout ratio range upgrade from 10% to 25% to now between 20% and 35% of underlying earnings per share.

Macmahon Holdings reported a FY revenue of A$1.9 billion, marking a 12% increase.

The stock has seen a respectable overall rise of 6.9% for the year, up to the most recent closing.

Macmahon Holdings is a leading mining services company.