• Group revenue up 25% to $126.5m, driven by strong performance in Industrial Access division
• Underlying EBITDA increased 11% to $39.0m
• Underlying NPAT remained relatively flat at $16.4m

Acrow Ltd has reported its financial results for the half-year ended 31 December 2024. The company achieved a net profit after tax of $9.4m, down from $12.3m in the previous corresponding period. This decrease included the impact of additional earnout paid for the MI acquisition from its outperformance ($2.7m additional) and amortisation of intangible assets ($0.9m). On an underlying basis, the key highlights included a 25% increase in group revenue to $126.5m, assisted by a strong trading performance in the Industrial Access division both organically and from the MI and Benchmark acquisitions. The Formwork division revenue decreased by 11.9% due to unexpected delays in projects, particularly in Queensland. Sales contribution increased 10% to $70.8m, driven by a 128% increase in Industrial Access revenue. Gross margin decreased 7.5 percentage points to 56% due to the higher proportion of Industrial Access revenue, which has lower margins. Overhead costs increased 10%, primarily due to costs associated with the acquisitions. Underlying EBITDA increased 11% to $39.0m, but the underlying EBITDA margin decreased by 4 percentage points to 30.8% due to the higher mix of Industrial Access revenue. Underlying NPAT remained relatively flat at $16.4m, while underlying EPS decreased 8% to 5.4 cents per share due to an increase in the weighted average number of shares. Net debt increased during the period, predominantly due to growth capex, trade and acquisition-related expenditures, resulting in an increase in the Net Debt to EBITDA ratio from 1.1 to 1.3.

The company has not provided any high-importance, price-sensitive forward-looking financial metrics.