Table of Contents
What changed
FY25 revenue rose 9.7% to $12.6m, with EBITDA up 25.8% to $1.0m and PBT up 28.0% to $0.9m. NPAT grew 29.7% to $0.8m, modestly flattered by a lower effective tax rate of 5.9% (FY24: 7.2%). Operating cash flow jumped 70.0% to $1.8m, yet period-end cash was essentially flat at $4.2m (FY24: $4.3m). The balance sheet carries no borrowings, with total equity rising to $12.3m and total assets up 10.5% to $14.3m. Total liabilities grew 36.6% to $2.0m off a small base.
What matters
- Earnings growth is broad-based and lightly taxed. PBT growth of 28.0% is the cleaner read than the 29.7% NPAT print, given the 5.9% effective tax rate sits well below any statutory benchmark and may not persist as tax assets normalise.
- Cash conversion stepped up materially. Operating cash flow of $1.8m against EBITDA of $1.0m (178.5% conversion, vs 132.0% prior) was helped by trade receivables falling from $1.3m to $1.1m, equivalent to debtor days improving from 41.0 to 30.5. Some of this is working-capital release rather than underlying earnings, so run-rate conversion is likely lower.
- The result is heavily second-half weighted. HY25 contributed only 47.4% of full-year revenue and 27.3% of NPAT, with implied H2 NPAT of $0.6m. The uplift in earnings relied on H2 execution rather than a linear trajectory.
Expectations
No quantified forward work, order book, or earnings guidance was disclosed in the supplied materials, and no prior targets were carried into this release. Against the only available shape context — HY25 — the full year demonstrates a clear step-change in H2 profitability, with implied H2 NPAT roughly 2.7x H1. The release supports a read of improving operating leverage within the year but does not establish a baseline from which to judge FY26 shape.
Quality of result
The underlying earnings progression is credible: revenue grew 9.7%, EBITDA grew 25.8%, and the move is not attributable to any disclosed one-offs. However, three items temper the quality read:
- The 5.9% effective tax rate flatters NPAT relative to PBT, and the PBT-to-NPAT gap (1.7pp) is entirely a tax effect rather than a discontinued-operation drag.
- Operating cash flow's 70.0% gain is partly working-capital driven — the $0.2m reduction in trade receivables accounts for a meaningful slice of the $0.7m OCF improvement.
- Despite strong reported cash generation, period-end cash fell by $0.1m, indicating outflows below the operating line (investing, lease, or financing) absorbed the inflow. With capex of only $0.1m (1.1% of revenue), the reconciliation to flat cash is not fully visible from the supplied excerpts.
On balance, the operating improvement looks real, but the headline NPAT and OCF figures each contain a component that is unlikely to repeat at the same magnitude.
Unresolved
- What drove the 5.9% effective tax rate, and is it sustainable as prior losses are absorbed?
- Why did cash end the year flat despite $1.8m of operating cash flow and only $0.1m of capex — where did the remaining ~$1.6m deploy?
- What is the B2B versus B2C revenue split for the full year, and how did margins differ across channels?
- The release references "unexpected intellectual property issues" without quantification — what is the financial exposure and timing?
- With no disclosed forward work, order book, or FY26 guidance, what supports a continuation of the H2 run-rate?
This briefing cannot assess underlying demand trajectory, customer concentration, or FY26 earnings shape, because segment detail, forward work, and formal guidance were not provided in the supplied materials.
Key metrics
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | $12.6m | $11.5m | +9.7% ↑ |
| EBITDA | $1.0m | $0.8m | +25.8% ↑ |
| Net profit after tax | $0.8m | $0.6m | +29.7% ↑ |
| Net cash inflow from operating activities | $1.8m | $1.1m | +70.0% ↑ |
| Declared dividend per share | — | 0.0c | — |
| Profit before tax | $0.9m | $0.7m | +28.0% ↑ |
| Total assets | $14.3m | $12.9m | +10.5% ↑ |
Reference: annolyse.ai/briefings/blt-fy25
Analytical metrics
| Metric | FY25 | FY24 | Context |
|---|---|---|---|
| PBT growth | +28.0% | — | cleaner earnings measure |
| Effective tax rate | 5.9% | 7.2% | — |
| OCF / EBITDA (cash conversion) | 178.5% | 132.0% | stable |
| FCF pre-lease | $1.7m | — | — |
| FCF / NPAT | 197.7% | — | complementary conversion metric |
| Capex % revenue | 1.1% | — | — |
| Capex | −$0.1m | — | — |
| Debtor days | 30.5 | 41.0 | -10.5 days |
| Inventory days | 21.0 | 22.8 | -1.7 days |
| Trade debtors | $1.1m | $1.3m | −$0.2m |
| Gross borrowings | — | $0.0m | — |
| ROE (annualised) | 6.8% | 5.6% | Strengthening |
| HY25 share of FY25 revenue | 47.4% | — | Other half was 52.6% |
| HY25 share of FY25 NPAT | 27.3% | — | Other half was 72.7% |
| Profit from continuing operations | $0.8m | $0.6m | +$0.2m |
Reference: annolyse.ai/briefings/blt-fy25
This analysis was generated using Annolyse, an AI-powered tool that analyses NZX/ASX company announcements. The analysis is based on available company filings and standard Annolyse calculations. This is general information only and does not constitute financial advice. The analysis may contain errors. Always read the original company filings and consult a licensed financial adviser before making investment decisions.