• Statutory NPAT of $45.2m, up 3.4% on pcp
• Normalised UNPATA of $49.6m, down 6.7% on pcp
• Normalised revenue up 2.4% to $267.4m

McMillan Shakespeare Limited (ASX:MMS) has announced its financial results for the half-year ended 31 December 2024 (1HFY25), reporting a Statutory Net Profit After Tax (NPAT) of $45.2m, up 3.4% on the prior corresponding period (1HFY24), and a Normalised Underlying NPATA (UNPATA) of $49.6m, down 6.7% on 1HFY24. The company declared a fully franked dividend of $0.71 per share. Key highlights for 1HFY25 include: Normalised revenue of $267.4m, up 2.4% on pcp; Normalised EBITDA declined 7.1% to $80.8m, reflecting increased investments in customer growth and ongoing efficiencies; GRS Normalised revenue of $143.7m up 0.7% with novated lease sales up 6.8%; Strong momentum in the rollout of Oly, increasing distribution to 312 new employers since launch; Onboard Finance completed a $300m amortising private debt placement, with FY25 being the last year of Normalisation; PSS revenue of $27.8m up 6.0%, EBITDA up 19.7% supported by a 10.1% increase in customers; AMS revenue of $92.3m up 2.4% with Written Down Value up 8.8% supporting customer fleet renewals; The Simply Stronger program is on track, with benefits realisation to increase in 2HFY25; Normalised Return on Capital Employed (ROCE) of 61.7%; and Normalised earnings per share of 71.3 cents.

MMS expects 2HFY25 Normalised UNPATA to be higher than 1HFY25. Onboard Finance will continue to target ~20% of novated volumes with a Normalisation adjustment of ~($8m) expected in FY25, the final year of Normalisation.

The company will focus on its strategic priorities - excelling in customer experience, driving simplicity and technology-enablement, and broadening its solutions and relationships. The FBT exemption for plug-in hybrids will end on 1 April 2025, while the exemption on battery EVs continues with the Federal Government committed to review the FBT EV Discount by mid-2027.