• Revenue down 6% to $22.5 million
• Loss after tax improved by 21% to $754,000
• Adjusted profit before tax of $141,000, up from $11,000
• Board approves buy-back and cancellation of 5 million shares

Academies Australasia Group Ltd reported a 6% decline in revenue to $22.5 million for the half year to December 2025, with the loss after tax improving by 21% to $754,000. The company recorded an adjusted profit before tax of $141,000, up from $11,000 in the prior period, driven by a write-back of $70,000 against the provision for impairment on non-recourse loans securing shares issued under the employee incentive plan, as well as reduced costs related to the Goulburn Street premises. Refunds paid to students due to visa rejections also decreased from $1.34 million to $681,000. Cash at the end of the period was $5.62 million, down from $6.84 million a year earlier. The board has approved the buy-back and cancellation of the 5 million shares issued under the employee incentive plan, as well as the cancellation of the corresponding company-provided loans. Following the cancellation, there will be 127.6 million shares on issue.