Ossia International (O08) H1 2024 earnings summary

Executive summary

• H1 FY2025 revenue fell 5.8% YoY to $11.56m, while net profit rose to $977k from $19k, supported by higher associate earnings.

• Total comprehensive income was $3.29m, versus a $1.06m loss a year earlier, including positive property revaluation and associate currency translation items.

Financial highlights

• Revenue was $11.56m, down 5.8% YoY; gross profit was $6.04m versus $6.51m, with no major gross-margin fluctuation.

• Operating loss widened to $485k from $175k; profit before tax was $1.36m versus $534k, and net profit was $977k versus $19k.

• Other operating income declined 68.2% to $49k, mainly because the prior-year period included a one-off reversal of receivables impairment.

• Administrative expenses fell 7.6% to $2.11m, mainly due to lower inventory write-down allowances of $123k versus $586k.

Outlook and guidance

• TUMI distribution rights are expected to return to the principal at FY2025 year-end; revenue for the year ending 31 March 2026 is expected to be negatively impacted by 35%.

• Current results were stated to be in line with the previously issued commentary dated 28 May 2024.