• Group revenue up 23% to $265.1m, driven by 83% growth in Industrial Access division
• Underlying NPAT up 4% to $34.3m, but underlying EPS down 3% to 11.17 cents
• Full year dividend maintained at 5.85 cents per share, fully franked

Acrow Ltd has reported a strong performance for the 12 months ended 30 June 2025, with group revenue increasing 23% to $265.1m. This was driven by an 83% growth in the Industrial Access division, which offset a 5% decline in the Formwork division. The company's strategy of growing scale in engineered systems and services, both organically and through acquisitions, has paid off, with the Industrial Access division now accounting for 50% of total group revenue. On an underlying basis, NPAT increased 4% to $34.3m, but underlying EPS declined 3% to 11.17 cents per share due to an increase in the number of shares on issue from previous equity raises and executive performance rights conversions. The company maintained its full year dividend at 5.85 cents per share, fully franked.The group continued to enhance its recurring revenue through the Industrial Access division, which now makes up 50% of total revenue, up from 33% in the prior year. This was boosted by the full year contributions from the acquisitions of MI Scaffold and Benchmark Scaffolding, as well as two months of revenue from the recent acquisitions of Above Scaffolding and Acrow Energy and Infrastructure Services (formerly Brand).Overhead costs increased 9% due to the acquisitions and the full year impact of last year's deals, but the company maintained tight expense controls. Underlying EBITDA increased 8% to $80.2m, although the EBITDA margin declined 4 percentage points to 30.3% due to the higher proportion of Industrial Access revenue.Net debt increased from $68.6m to $123.3m, predominantly due to the acquisitions, growth capex, and providing extended terms to key customers. This resulted in the net gearing ratio increasing from 32.7% to 45.3%.

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