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Financials

Unaudited Financial Statements And Dividend Announcement For The Second Half And Financial Year Ended 30 June 2025

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Consolidated income statement (Unaudited)

	Group 6-Month Ended 30 Jun			Group Financial year Ended 30 Jun
	2025 $'000	2024 $'000	Change %	2025 $'000	2024 $'000	Change %
Revenue	95,116	68,646	38.6	162,316	133,653	21.4
Cost of sales	(68,392)	(41,546)	64.6	(113,849)	(82,928)	37.3
Gross Profit	26,724	27,100	(1.4)	48,467	50,725	(4.5)
Other income	829	895	(7.4)	1,548	452	242.5
Selling and marketing expenses	(7,069)	(3,141)	125.1	(12,486)	(11,506)	8.5
Administrative expenses	(5,213)	(4,321)	20.6	(9,869)	(8,058)	22.5
Other operating expenses	(882)	(1,465)	(39.8)	(1,570)	(2,018)	(22.2)
Total operating expenses	(13,164)	(8,927)	47.5	(23,925)	(21,582)	10.9
Profit from operations	14,389	19,068	(24.5)	26,090	29,595	(11.8)
Finance costs	(337)	(337)	-	(640)	(396)	61.6
Profit before tax	14,052	18,731	(25.0)	25,450	29,199	(12.8)
Tax expense	(3,394)	(4,278)	(20.7)	(7,229)	(7,818)	(7.5)
Profit for the period attributable to owners of the Company	10,658	14,453	(26.3)	18,221	21,381	(14.8)

Consolidated statement of comprehensive income (Unaudited)

	Group 6-Month Ended 30 Jun			Group Financial year Ended 30 Jun
	2025 $'000	2024 $'000	Change %	2025 $'000	2024 $'000	Change %
Profit for the year	10,658	14,453	(26.3)	18,221	21,381	(14.8)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Translation differences relating to financial statements of foreign subsidiaries	(2,988)	142	N.m	(1,226)	(730)	67.9
Other comprehensive loss for the year, net of income tax	(2,988)	142	N.m	(1,226)	(730)	67.9
Total comprehensive income for the year attributable to owners of the Company	7,670	14,595	(47.4)	16,995	20,651	(17.7)

N.m - Percentage / Computation not meaningful

Consolidated statements of financial position (Unaudited)

	Group
	30-Jun-25 $'000	30-Jun-24 $'000
Non-current assets
Property, plant and equipment	68,852	34,243
Right-of-use assets	5,781	5,839
Subsidiaries	-	-
Intangible assets	6,172	6,783
Deferred tax assets	1,019	2,297
	81,824	49,162

Current assets
Inventories	28,948	29,900
Contract assets	3,326	10,041
Trade and other receivables	8,092	11,720
Prepayments	5,480	1,521
Other investments	446	-
Cash and fixed deposits	51,517	42,076
	97,809	95,258

Total assets	179,633	144,420

Current liabilities
Trade and other payables	13,948	15,811
Contract liabilities	25,671	23,523
Provision	6,693	7,120
Interest bearing loans and borrowings	1,925	377
Deferred consideration	2,532	94
Lease liabilities	376	280
Current tax payables	1,986	3,457
	53,131	50,662
Non-current liabilities
Deferred tax liabilities	433	952
Interest bearing loans and borrowings	5,257	3,266
Deferred consideration	18,350	1,807
Lease liabilities	308	492
	24,348	6,517

Total liabilities	77,479	57,179

Capital and reserves
Share capital	43,580	43,136
Share-based compensation reserve	890	617
Foreign currency translation reserve	(6,057)	(4,831)
Accumulated profits	63,741	48,319
Total equity	102,154	87,241

Total equity and liabilities	179,633	144,420

Consolidated statement of cash flows (Unaudited)

	Group 6-Month ended 30 Jun		Group Financial year ended 30 Jun
	2025 $'000	2024 $'000	2025 $'000	2024 $'000
Cash flows from operating activities
Profit after tax	10,658	14,453	18,221	21,381
Adjustments for:-
Depreciation of property, plant and equipment	2,569	2,582	5,145	5,044
Depreciation of right-of-use assets	316	160	612	492
Amortisation of intangible assets	54	57	110	114
(Gain)/Loss on disposal of property, plant and equipment	(448)	30	(448)	30
Allowance/(Write-back) made for inventories obsolescence, net	111	(13)	421	435
Interest income	(481)	(651)	(957)	(1,171)
Share-based payment expenses	132	142	273	236
Interest expense	286	97	493	156
Tax expense	3,394	4,278	7,229	7,818
Unrealised foreign exchange loss/(gain)	552	(928)	1,193	(437)
	17,143	20,207	32,292	34,098
Changes in :
– Inventories	5,950	(16,016)	838	(14,495)
– Trade and other receivables	(1,306)	2,037	159	(4,688)
– Prepayments	(2,706)	1,060	(4,000)	294
– Contract assets	2,250	8,571	6,324	6,311
– Contract liabilities	9,783	(1,147)	3,811	954
– Trade and other payables	(669)	(8,622)	612	(9,557)
– Provisions	(901)	462	(599)	2,751
Cash generated from operations	29,544	6,552	39,437	15,668
Net income tax paid	(3,516)	(6,388)	(8,188)	(6,647)
Net cash generated from operating activities	26,028	164	31,249	9,021

Cash flows from investing activities
Interest received	458	579	933	1,099
Placement of longer term deposits	-	(1,358)	-	(1,358)
Proceeds from longer term deposits	1,322	1,327	1,322	4,519
Restricted cash	376	(1,413)	(2,936)	(1,413)
Proceeds from other investment	-	-	-	989
Proceeds from disposal of property, plant and equipment	2,009	25	2,009	25
Purchase of property, plant and equipment	(14,264)	(2,111)	(18,640)	(4,742)
Net cash used in investing activities	(10,099)	(2,951)	(17,312)	(881)

Cash flows from financing activities
Interest paid	(237)	(97)	(444)	(156)
Dividend paid	(933)	(923)	(2,799)	(2,769)
Repayment of lease liabilities	(207)	(156)	(374)	(290)
Repayment of interest-bearing loans and borrowings	-	-	82	-
Repayment of interest-bearing loans and borrowings	(496)	(92)	(625)	(514)
Repayment of deferred consideration	(46)	(275)	(92)	(561)
Proceeds from issue of shares pursuant to share plans	-	-	444	-
Net cash used in financing activities	(1,919)	(1,543)	(3,808)	(4,290)

Net increase/(decrease) in cash and cash equivalents	14,010	(4,330)	10,129	3,850
Cash and cash equivalents at beginning of period/year	35,309	42,842	39,305	35,522
Effect of exchange rate changes on balances held in foreign currency	(2,151)	793	(2,266)	(67)
Cash and cash equivalents at end of period/year	47,168	39,305	47,168	39,305