Ellipsiz (BIX) H1 2024 earnings summary

Executive summary

• H1 FY2024 revenue fell 12% YoY to $25.0m, and the period shifted to a $1.9m net loss from $0.2m profit, mainly on lower gross profit and a $1.6m goodwill impairment.

• Results were in line with profit guidance issued on 30 January 2024.

Financial highlights

• Revenue was $25.046m, down 12% YoY; gross profit fell 16% to $4.808m and gross margin eased to 19% from 20%.

• Operating result was a $2.466m loss versus $72k profit; loss before tax was $1.686m versus $498k profit, and net loss was $1.945m versus $187k profit.

• Loss attributable to owners was $845k versus $1.306m profit; basic and diluted EPS was -0.51 cents versus 0.78 cents.

• Other income rose to $695k from $535k; finance income increased 80% to $823k, mainly due to higher interest rates.

• Distribution and administrative expenses totaled $6.2m versus $6.3m; lower gross profit and goodwill impairment drove the overall earnings decline, partly offset by higher finance income.

Outlook and guidance

• Actual H1 results were in line with profit guidance released on 30 January 2024.

• The egg farm development remains delayed as plans are finalized with regulators; construction-cost pressure has prompted review of technical requirements and cost-effective equipment and materials.