• Revenue up 22.2% to $148.3m, EBITDA up 39.6% to $14.1m
• Strong growth in net assets and net cash position
• Withdrawal of FY25 EBITDA guidance due to nbn transition uncertainty

BSA Ltd has reported a strong H1 FY25 financial performance, with revenue up 22.2% to $148.3m and EBITDA up 39.6% to $14.1m. The company's gross margin improved to 25.8%, and NPAT was $7.9m, up slightly from the prior corresponding period. BSA's balance sheet has also strengthened, with net assets of $10.9m and a net cash position of $2.2m, a significant turnaround from the net debt position at the end of FY24. The company's focus on operational efficiencies and cost management has driven these improvements. However, BSA has been verbally notified by NBN Co that it has not been selected as a preferred tenderer for the new nbn Field Services Contract, and the company believes an award is unlikely. As a result, due to the uncertainty and variability surrounding potential transition arrangements with nbn across the remainder of FY25 and into FY26, BSA has withdrawn its FY25 EBITDA guidance. The company is assessing the impact of this development and actively evaluating strategic options to mitigate the impact.

Subject to client volumes being consistent with 1HFY2025, the current profitability run-rate can continue over the remainder of FY2025. However, due to the uncertainty and variability surrounding potential transition arrangements with nbn across the remainder of FY2025 and into FY2026, FY2025 EBITDA guidance has been withdrawn.