• Revenue up 47% to $39.4m, driven by strong subsea buoyancy demand
• Underlying EBITDA at $3.2m, NPAT $1.0m
• Robust cash position, net cash of $8.3m

Matrix Composites & Engineering has reported a strong set of financial results for the first half of FY25, with revenue increasing 47% to $39.4m. The company's subsea buoyancy business was the key driver, accounting for 88% of revenue, as the offshore oil and gas market continues to demonstrate robust demand. Matrix also saw growth in its advanced materials and corrosion technologies divisions. Underlying EBITDA for the period was $3.2m, a significant improvement from the $0.6m reported in the prior corresponding period, with the company achieving an 8.1% EBITDA margin. Net profit after tax was $1.0m, compared to a $3.8m loss in the prior year. The company's balance sheet remains strong, with $15.7m in cash and net cash of $8.3m as at 31 December 2024. While the second half of FY25 is expected to be similar to the first half in terms of revenue, the long-term outlook for the business remains positive, with a strong quotation pipeline and industry fundamentals continuing to exhibit strong demand through to the end of the decade.

Matrix expects FY25 to be a record year, with secured revenue for the full year now at approximately $60m. The company's long-term outlook remains positive, with strong industry fundamentals and a robust quotation pipeline.

Matrix is well-positioned to capitalize on the growth in the subsea, energy transition, and advanced materials markets. The company is focused on strengthening its market position, building out its product portfolio, and leveraging its state-of-the-art manufacturing capabilities to drive continued growth across its three business pillars.