Vysarn (VYS) H1 2025 earnings summary

Executive summary

• Revenue for the half year ended 31 December 2024 was $41.02M, up 5% year-over-year and 11% sequentially.

• Net profit after tax was $3.56M, down 13% year-over-year.

• EBITDA was $8.14M, down 5% year-over-year but up 5% sequentially.

• Major acquisitions of Waste Water Services Pty Ltd and CMP Consulting Group Pty Ltd completed, expanding geographic and service reach.

• Strong operational cash flow of $14.81M, up 78% year-over-year.

Financial highlights

• Net assets rose to $91.69M from $41.06M at 30 June 2024.

• Cash and cash equivalents at period end were $17.59M, up from $3.73M at 30 June 2024.

• Working capital increased to $19.29M from $11.24M at 30 June 2024.

• Net tangible assets increased to $46.60M.

• No dividends were paid or declared for the period.

Outlook and guidance

• FY2025 earnings expected to be materially skewed to the second half due to latent demand in the WA resources sector and full-period contributions from recent acquisitions.

• Management expects year-on-year earnings growth for FY2025.

• Focus remains on pursuing new contract opportunities in water and infrastructure services across Australia.

• Recent acquisitions expected to diversify revenue streams and reduce reliance on Western Australia and the resources sector.

• Targeting pro-forma FY2024 NPBT of $19.29M in CY2025, with further growth anticipated into FY2026.