• Executing on long-term strategy to deliver improved profitability
• Core and emerging brands performing strongly, increasing market share
• Transition in brand mix improving quality of earnings and reducing reliance on hardgoods

Globe International reported its H1FY25 results, with revenue of $95.3M (-12% on PCP) and EBIT of $7.1M (-3% on PCP). The company is executing on its long-term strategy, with core apparel revenue (FXD, Salty Crew and Globe footwear) up 13% on PCP and positive earnings. The transition in brand mix is playing out in line with expectations, improving the quality of earnings and further reducing reliance on hardgoods, which now contributes only around 8% of revenue. Management's focus on restructuring Europe's operating model coupled with strong growth in the USA has positioned the Group to take advantage of increasing profit from international markets. The company has a strong balance sheet with $24.6M in cash and minimal debt, allowing it to maintain a strong dividend of 10 cents per share (+11% on PCP). Globe's core brands, including FXD, Salty Crew and Globe footwear, continue to perform well and gain market share globally.

Globe International expects to deliver further revenue and earnings growth from its core brands in H2FY25 and beyond, supported by its strong balance sheet and cash flow generation.

Globe International is well-positioned to capitalize on the improving outlook, with a focus on continuing core brand growth, expanding its international business, investing in emerging brand incubation, and delivering attractive dividend returns to shareholders.