• Acquired cyber security firm Forensic IT Solutions, expanding cyber capabilities
• Cyber security now largest and most important earnings contributor
• Underlying EBITDA up 2,311% to $3.9M in H1 FY25
• Statutory loss reduced 68.2% to $1.7M in H1 FY25

During the financial half-year ended 31 December 2024, Spirit Technology Solutions Ltd strengthened its cyber capabilities with the acquisition of Forensic IT Solutions Pty Ltd, a major provider of digital forensic and incident response solutions. The acquisition expands Spirit's cyber capability to enable rapid response to cyber incidents and strengthens the company's position in the growing cyber security market. Following the acquisition of Forensic IT, together with the earlier acquisition of InfoSurety Pty Ltd, cyber security is now Spirit's largest division and most important earnings contributor. The company delivered an underlying EBITDA profit of $3.9M for the half-year, up from $0.2M in the prior corresponding period. The statutory outcome was a loss of $1.7M, down 68.2% from a loss of $5.2M in the prior corresponding period. Total revenue and other income for the half-year was $50.4M, up 15.3% from $43.9M in the prior corresponding period. The company's Communication and Collaboration segment achieved an underlying EBITDA of $3.3M on revenue of $21.9M, while the Managed Services segment continues to perform well.

The company expects the earnings for the second half of FY25 to be higher than the first half, as the earnings for the Cyber Security segment are typically more heavily weighted to the second half of the financial year (approximately 40% H1 vs 60% H2).