Strong Group Revenue Growth
Group revenue increased almost 28% year-on-year, driven by stronger Q2 execution after the factory transition removed operational disruption.
NPAT Outperformance
Net profit after tax grew ~38% to $5.7 million, outpacing revenue growth and reflecting emerging operating leverage as throughput improved.
Motorsports Growth Momentum
Motorsports revenue rose 40% year-on-year, aided by earlier Formula 1 testing, expanded customer uptake and technical services, and market share gains from product performance.
Aerospace & Defense Expansion
A&D revenue grew over 30% on the prior comparable period; pipeline secured programs up ~10% vs PCP, 33 of top 40 programs secured to FY'28, 51 approved supplier relationships and ~38% of top 40 programs from new customers.
Order Book and Program Wins
Growing order book and program engagements across motorsports, OEM and A&D, including a follow-on U.S. government order of USD 9.1 million received in Q3, strengthening near-term visibility.
Successful Facility Transition and Accreditations
Completed relocation to Stapylton HQ in line with budget, materially increasing capacity; successfully recertified AS9100 and NADCAP post-move, preserving aerospace/defense credentials.
Disciplined Capital Investment
H1 CapEx totaled $12.7 million focused on Stapylton completion and equipment; full-year CapEx guide of ~$22.5 million to support capacity and new materials capability (stainless steel, Inconel, additive/brazing).
Strong Cash Metrics and Balance Sheet
Cash conversion remained above 100% (rolling 12 months); net debt reduced to $13.4 million at 31 December, cash of $10.6 million and $18.5 million undrawn facilities, with further deleveraging expected.
Shareholder Return
Declared a fully franked interim dividend of $0.03 per share, representing a 53% payout ratio, consistent with policy (40%-60%).