• Revenue of $96.7 million, up 2% vs 1H FY24
• International operations now 55% of revenue
• Adjusted EBITDA of $12.5 million, down 7% vs 1H FY24
• NPAT of $4.9 million, up 11% vs 1H FY24
• Strong balance sheet with net cash of $29.7 million as of 17th February

GTN Ltd reported a 2% increase in 1H FY25 revenue to $96.7 million, with strong growth in the UK (+12%) and Brazil (+11%), while Australia was flat and Canada declined 3% (all in local currency). International operations now represent 55% of GTN's revenue. Adjusted EBITDA declined 7% to $12.5 million, inclusive of $1.45 million in non-recurring costs and investments in growth initiatives. NPAT increased 11% to $4.9 million, and NPATA increased 7% to $7.1 million. The company has a strong balance sheet with net cash of $14.5 million as of 31 December 2024, which has since increased to $29.7 million as of 17th February. GTN returned $12.3 million to shareholders in 1H FY25 through dividends, share buybacks, and debt repayment. The company announced a 1H FY25 dividend of $0.0247 per share (unfranked), reflecting an annualized dividend yield of 9.1% based on the last closing share price. Looking ahead, the market continues to have a short sales cycle, with January 2025 revenue finishing slightly ahead of FY24. GTN is unable to forecast future revenue due to the short lead times of its sales cycle, but the company has effectively exited its Drone business and is focused on growing its core operations.

The market continues to have a short sales cycle, with January 2025 revenue finishing slightly ahead of FY24. GTN is unable to forecast future revenue due to the short lead times of its sales cycle, but the company has effectively exited its Drone business and is focused on growing its core operations.