CEO Resignation & Trading Update
| Stock | IDT Australia Ltd (IDT.ASX) |
|---|---|
| Release Time | 7 Aug 2025, 10:06 a.m. |
| Price Sensitive | Yes |
CEO Resignation & Trading Update for IDT Australia
- CEO Paul McDonald has resigned with immediate effect
- Mark Simari, current Independent Non-Executive Chair, will assume the role of Executive Chair
- Unaudited total revenue expected to increase 40.6% year-on-year to $19.9 million
- Net loss after tax estimated to increase to $7.5 million
IDT Australia Limited (ASX: IDT) has announced a change in executive leadership. CEO Paul McDonald has resigned with immediate effect, and the Board acknowledges his contribution since joining the company in 2021. Mark Simari, the current Independent Non-Executive Chair, will assume the role of Executive Chair effective immediately. Mark brings extensive healthcare sector experience and has developed a deep knowledge of IDT Australia's operations since joining the Board in 2022. He will work closely with the experienced senior executive leadership team to ensure business continuity and minimal disruption. The Board will commence a search for a new CEO in the coming months. The company also provided a trading update on its 2025 financial year (FY25) results. Unaudited total revenue is expected to increase 40.6% year-on-year to $19.9 million, while net loss after tax is estimated to increase to $7.5 million (FY24: loss of $5.4 million). The increase in revenue was driven by a rise in disbursement revenue, which covers raw material costs and new equipment. However, earnings were negatively impacted by the recognition of bad debts of around $1.2 million relating to two customers defaulting on payments in FY25. The Board and the company's finance and business development teams are reviewing procedures to improve the review and due diligence of new clients to minimize such events in the future. Under new leadership, IDT will conduct a comprehensive review of operational and business activities to accelerate progress toward restoring profitability.
Unaudited total revenue is expected to increase 40.6% year-on-year (YoY) to $19.9 million in the 2025 financial year (FY25). Net loss after tax is estimated to increase to $7.5 million (FY24: loss of $5.4 million).