Historical setup
What FY25 said to watch
From Revenue fell 19.6% and EBITDA swung to a $2.5m loss as net debt hit $36.3m
No quantitative targets were supplied. Management points to "some activity lift in 2H25" and expects improvement through FY26, supported by a ~$7m annualised cost-out programme and the Perry integration tracking ahead of plan.
The release does not support a clean recovery read. 2H25 EBITDA (-$3.1m implied) and 2H25 NPAT (-$14.0m implied) were both worse than 1H25, and 2H operating cash was negative. So any FY26 improvement starts from a deeper exit run-rate than the headline full-year numbers suggest. The market commentary in the release also describes conditions as "highly competitive", which limits pricing recovery as a lever.