Ossia International (O08) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 27.6% to $30.196m as travel restrictions eased, tourism returned and retail foot traffic and consumer spending improved.

• Profit for the year increased to $10.073m from $6.604m, supported by stronger operating results and a higher share of associate profits.

Financial highlights

• Revenue was $30.196m vs $23.668m; gross profit was $16.931m vs $13.444m, with no major gross-margin fluctuation reported.

• Operating profit rose to $3.656m from $1.999m; profit before tax reached $11.599m vs $7.528m.

• Net income was $10.073m vs $6.604m; income tax expense increased to $1.526m from $0.924m.

• Distribution costs increased to $8.871m from $8.175m and administrative expenses to $4.733m from $3.730m, reflecting higher sales-related costs and employee bonuses.

• Share of associate results rose to $7.883m from $5.536m; dividend receipts from the associate were $5.086m vs $4.278m.

Outlook and guidance

• Operations were reviewed to align costs and strategies with market expectations; plans were to benefit from industry recovery as global travel and activity moved into the endemic phase.

• Sustainability targets include reducing Scope 2 emissions and energy intensity by 5% in the short term, with longer-term emissions and energy-efficiency goals.