Metro Performance Glass (MPG) H1 2025 earnings summary

Executive summary

• Revenue for the half year ended 30 September 2024 was $114.1m, down from $130.2m year-over-year.

• Net loss for the period was $5.0m, an improvement from a $9.2m loss in the prior year.

• Significant items totaled $1.4m, mainly related to restructuring and refinancing activities.

• Directors are pursuing a capital raise and refinancing to address liquidity and going concern uncertainties.

Financial highlights

• Gross profit declined to $44.9m from $54.9m year-over-year.

• EBITDA before significant items was $9.2m, down from $16.5m in the prior year.

• Basic and diluted EPS was a loss of 2.7 cents per share, improved from a 5.0 cent loss.

• Net debt increased to $55.2m from $53.0m at 31 March 2024.

• Cash and cash equivalents rose to $9.3m from $6.6m at 31 March 2024.

Outlook and guidance

• Directors remain confident in a successful capital raise and are focused on debt reduction.

• Conditional agreements with Cowes Bay Group for equity investment and refinancing are in progress.

• Banking facilities have been extended to February 2025 to allow time for capital raising.