• Revenue increased 47.5% to $39.4m
• Profit after tax increased 126.8% to $1.0m
• Strong order book with $110m in new buoyancy orders

Matrix Composites & Engineering Ltd reported its financial results for the half-year ended 31 December 2024. Revenue for the period was $39.4m, a 47.5% increase compared to the prior corresponding period. The improved financial performance was driven by increased project activity in Brazil, with more production going through the company's Henderson facility. This resulted in an EBITDAF profit of $3.2m (Dec 2023: $0.6m) and a net profit after tax of $1.0m (Dec 2023: net loss of $3.8m). The company's core buoyancy products in the global oil and gas industry continued to perform well, with 4 large orders worth over $110m awarded and to be manufactured and delivered since the FY23 year. Matrix also saw contributions from its Corrosion Technology division selling Humidur products and advanced materials delivering sales of downhole centralisers and roto molded products. The company will continue to pursue market penetration and share in the production buoyancy (SURF) sector, as well as opportunities in the renewables space and with local major resource companies.

The company reported a net profit after tax of $1.0m for the half-year ended 31 December 2024.

Matrix continues to focus on growing its global market share of core buoyancy products in the oil and gas industry, while diversifying its products and services and leveraging its manufacturing capabilities and customer relationships. The company will also pursue opportunities in the advanced materials, renewables, and resource sectors.