• Revenue up 13.4% to $134.7m
• Profit after tax down 15.9% to $5.9m
• Interim dividend of 7c per share, fully franked

Waterco Ltd has reported its half-yearly results for the period ended 31 December 2024. Total revenue for the group was $134.7m, up 13.4% from the prior corresponding period. Sales revenue increased 14% to $132.4m, driven by the group's diversified revenue streams. Statutory Earnings Before Interest & Tax (EBIT) was $9.8m, down 17% from the prior period, with part of the decline attributed to foreign exchange translation losses. Net Profit After Tax was $5.9m, down 15.9%. The Australia and New Zealand segment contributed an EBIT of $9.1m, in line with the prior period. The Asia segment experienced challenging market conditions, with EBIT declining to $0.2m. The North America and Europe segment recorded a 22% increase in sales to $15.4m, but EBIT declined 29% to $0.5m. The group increased its investment in research and development by $0.6m to $1.6m. Working capital increased by $8.6m to $113.0m due to higher sales and investment in raw materials. The board has declared a fully franked interim dividend of 7 cents per share, payable on 2 May 2025.

The board expects a stronger second half, supported by seasonal demand and the execution of cost-reduction initiatives. The board has not forecast any appreciation in the Australian Dollar for the remainder of FY25.

While first-half performance fell short of expectations, the group anticipates a stronger second half, supported by seasonal demand and the execution of cost-reduction initiatives.