The Hour Glass (AGS) H2 2025 earnings summary

Executive summary

• Full-year revenue rose 3% year-over-year to $1.16 billion, with second-half revenue up 9% compared to the same period last year.

• Profit after tax declined 14% year-over-year to $136.1 million, impacted by higher operating expenses and a $6.5 million fair value loss on investment properties.

• Gross margin decreased to 30.9% from 32.2% year-over-year.

• The group acquired properties in Singapore and Hong Kong for $80.3 million as part of its business strategy.

Financial highlights

• Revenue for FY2025: $1,162.9 million (up 3% year-over-year); 2H FY2025: $622.6 million (up 9%).

• Profit after tax for FY2025: $136.1 million (down 14% year-over-year); 2H FY2025: $74.5 million (down 7%).

• Earnings per share for FY2025: 20.94 cents (down 12% year-over-year).

• Net asset value per share as at 31 March 2025: $1.43 (up from $1.31 a year ago).

• Cash and bank balances at year-end: $178.7 million (down from $237.6 million a year ago).

Outlook and guidance

• Ongoing macroeconomic uncertainties and global trade disruptions are expected to weigh on consumer sentiment in the specialty watch sector.

• The group expects to remain profitable in the next financial year.