• Revenue down 18% to $99.4 million
• EBITDA down 37% to $12.7 million
• Profit after tax down 108% to a loss of $0.3 million

Mitchell Services Ltd reported a decrease in revenue, EBITDA and profit for the half-year ended 31 December 2024. Revenue decreased by 18.3% to $99.4 million, EBITDA decreased by 36.5% to $12.7 million, and the Group reported a loss after tax of $0.3 million, down 107% from a profit of $4.3 million in the prior corresponding period. The decreases were primarily attributable to a temporary reduction in utilisation levels, driven by factors including an underground fire event at Grosvenor mine, mining industry corporate activity, elevated rainfall events, and general market conditions for junior resources. The Group has recently expanded its service offering to include innovative decarbonisation drilling through a new joint venture, Loop Decarbonisation Solutions, and has also entered the highly technical SIS (surface to inseam) drilling market, which came at a cost during the period. The Group's cash flow from operating activities decreased by 56.6% to $10.6 million, and net debt increased to $6.2 million. The Group's net asset position decreased by 7.4% to $60.8 million, primarily due to the final FY24 dividend payment and share buyback activities during the period.

The Group has not provided any high-importance, price-sensitive forward-looking financial metrics or other company-specific metrics.