Intelligent Monitoring Group (IMB) H2 2024 earnings summary

Executive summary

• Achieved normalised (ADT 12-month adjusted) EBITDA of $34.6m, exceeding guidance of $33.5–34m.

• Reported adjusted EBITDA was $32.4m, above guidance of $32–32.5m.

• Completed acquisitions of ACG Integration and AAG post-period, raising proforma FY24 EBITDA to $40.2m.

• Operating cashflows (pre-non-recurring costs, ADT 11 months) reached $20.8m, surpassing guidance.

• Early FY25 trading is above upgraded proforma EBITDA levels, with positive customer engagement.

Financial highlights

• FY24 revenue (ADT 11 months) was $121.8m, up from $24.3m in FY23.

• Gross profit (ADT 11 months) increased to $56.9m from $10.0m year-over-year.

• Adjusted EBITDA margin improved to 26.7% from 15.2% in FY23.

• Reported profit was $3.1m, reversing a loss of $11.9m in FY23.

• Profit before abnormal items was $23.7m, compared to a loss of $2.6m in FY23.

Outlook and guidance

• FY25 expected to deliver higher earnings and significantly improved operating cash flow.

• FY25 earnings guidance to be provided at AGM in October.

• NZ business anticipates a flat result in FY25 as it transitions customers from 3G to 4G.