Historical setup
What FY25 said to watch
From PBT loss narrowed 49.5% while NPAT swung to a loss on tax normalisation
No forward targets, FY26 guidance or forward-work disclosures are provided in this release, so the result cannot be benchmarked against management's own goals. The shape of the year is, however, distinctive: HY25 revenue was up over 40% on a depressed HY24 base, yet full-year revenue fell 8.4%, which implies H2 revenue of roughly $27.6m against an unusually strong H2 FY24. EBITDA was second-half weighted at the group level (H1 contributed only 43.2% of full-year EBITDA), so second-half profitability held up better than second-half revenue.
The gap that matters is the second-half revenue decline against last year's stronger comparable. The release attributes this to "reduced [activity per] head" but does not quantify volume, mix or pricing components, leaving the underlying demand trajectory into FY26 unclear.