Stable Group Revenue with Clear Regional Drivers
Group revenue was $170.3 million, down 3% year-on-year (statutory), and broadly in line excluding a prior-year restatement. North America grew 12% to over $71 million and now represents ~42% of group revenue. APAC remained the largest contributor despite a 12% decline to ~$70.6 million, and South America reported $28 million (11% decline).
Positive Cash Generation and Improved Working Capital
The group generated free cash flow of just over $3.0 million (first half) after interest, tax and CapEx, reversing prior year cash outflows. Operating/operational cash flow improved materially (management cited an $11m turnaround), cash on hand was $15.8 million (from $20.0 million prior year), inventory reduced by $6.4 million and receivables fell by $17.7 million.
Order Momentum Post Period-End
Management reported significant order wins after the half: an additional $51 million of orders secured post period-end and a further $21 million of trade orders in Australia, supporting a stronger second half outlook.
Prudent Capital Management and Shareholder Return
Board declared an interim fully franked dividend of $0.03 per share (approximate cash cost $2 million). Management maintained an active share buyback ($1.2 million noted) and CapEx remained modest at $3.5 million in H1 (down $2.6 million YoY).
Clear Operational Remedial Actions Underway
Company has implemented rightsizing (global workforce reduced to 1,222 at Dec 2025), new Chile management supported by North American team, steel-yard and scheduling controls, improvements in Indonesia resourcing, and initiatives to debottleneck and improve workshop productivity in North America.
Upward Full-Year Guidance (Reflects Confidence)
Management revised FY26 revenue guidance to >$350 million and statutory EBITDA (ex-FX) guidance to $14–$16 million for the full year, emphasizing that the first-half operational items are not expected to repeat to the same quantum in H2.