• Delivery of new operating model a key focus for FY25
• Revenue decline primarily reflects exit of non-strategic lower-margin brands
• Growth in core brands reflects greater focus on A&P effectiveness, improved ranging, and benefit of transitional pipe-fill

McPherson's Ltd reported a steady financial result under its legacy model, with revenue declining 3.9% to $139.0 million. This was primarily due to the exit of non-strategic lower-margin brands, offset by growth in core brands which increased 1.9% to $124.6 million. The company saw core brand growth of 3.6% in Australia and New Zealand, with all five core brands achieving year-on-year growth. However, the international business, particularly in China, continued to face challenges with deep competitor discounting impacting the Dr LeWinn's brand. Underlying EBITDA declined 5.3% to $7.3 million, with the company upweighting A&P investment on core brands to drive sustained long-term growth. The company also incurred material items of $19.7 million, including impairments, redundancy costs, and provisions related to the new operating model. The delivery of the new operating model was a key focus for FY25, with the transition now substantially complete.