• Revenue up 47% to $39.4m in 1H FY25
• Underlying EBITDA increased to $3.2m
• Secured $60m in SURF work for FY25, with further opportunities in pipeline

Matrix Composites & Engineering Ltd (ASX: MCE) has announced its results for the six months ended 31 December 2024 (1H FY25). The company generated revenue of $39.4 million, up 47% from $26.7 million in 1H FY24, underpinned by strong contribution from Subsea buoyancy projects. Underlying EBITDA for 1H FY25 was $3.2 million, up from $0.6 million in the prior corresponding period, marking the fourth consecutive half-year of positive EBITDA contribution. Matrix reported a Net Profit After Tax of $1.0 million, compared to a $3.8 million loss in 1H FY24. Operating cash flow was an outflow of $4.7 million, primarily due to timing of contract payments and working capital movements, but the company expects to return to positive operating cash flow in the second half. Matrix has secured around $60 million of SURF work for FY25, a record level, and sees further opportunities in the pipeline, with around $300 million of competitive quotations submitted. The company also expects continued positive performance from its Corrosion Technologies and Advanced Materials divisions. Overall, Matrix is well-positioned for continued positive financial performance in the second half and beyond, underpinned by its strong order book, technical expertise, and positive momentum in the oil and gas sector.

Matrix expects Group revenue for 2H FY25 to be similar to the first half, given some variability and delays in subsea supplier awards. The company has secured around $60 million of SURF work for FY25, with further opportunities in the pipeline.

Matrix is well positioned for continued positive financial performance, with a strong base of around $60 million secured revenue for FY25 from its SURF business alone, and further opportunities in the SURF and drilling sectors. The company also expects continued growth in its Corrosion Technologies and Advanced Materials divisions.