• Revenue up 78% to $26.6m, driven by strong ballistic product sales and SUAS services
• Returned to profitability with $1.2m net profit after tax
• Reduced inventory levels by $2.2m to $15.6m

HighCom Ltd reported a net operating profit after income tax of $1.213m for the half-year ended 31 December 2024, compared to a loss of $13.5m in the prior corresponding period. The return to profitability was primarily due to a 78% increase in revenue to $26.6m, including $21m in ballistic product sales from HighCom Armor and $5.6m in SUAS spare parts and sustainment services from HighCom Technology. The company also benefited from savings from its cost-reduction program and successful efforts to reduce inventory levels by $2.2m to $15.6m. HighCom Armor had an order book backlog of over $6m at the end of the reporting period, while HighCom Technology held orders worth over $7m for delivery in H2 FY25. The company continues to invest in the re-commissioning of its patented XTclave production system in the US.

HighCom Ltd expects to maintain its improved financial performance, with continued strong demand for its ballistic products and SUAS services. The company is targeting a further reduction in inventory levels towards its $10m long-term goal.