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Plover Bay Technologies (1523) investor relations material
Plover Bay Technologies H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first half of 2025 rose 9.9% year-over-year to US$62.94 million, with net profit up 13.4% to US$21.67 million and diluted EPS at 1.96 US cents per share.
Gross profit margin remained stable at 55.5%, and an interim dividend of HKD 0.1234 (12.34 cents) per share was declared.
Strong growth was seen in EMEA (up 39.2%) and Asia Pacific (up 44.3%), while North America sales dipped due to temporary shipment delays and trade policy uncertainties.
Recurring revenue accounted for 28.1% of sales, with a subscription take-up rate of 36.5% and devices under subscription up 18% year-over-year.
Expanded partnerships with Starlink and Iridium, and new product launches such as the SpeedFusion Connect App and Antenna MAX S, are set to drive future growth.
Financial highlights
Gross profit grew 10.1% year-over-year to US$35 million; operating expenses increased 4.2% to US$10.15 million.
Profit before tax reached US$26.6 million, up 17% year-over-year.
Operating cash flow was US$22.3 million, and cash and cash equivalents at period end were US$55.67 million.
Bank borrowings reduced to US$3.09 million, with a gearing ratio of 6.0%.
Trade receivables turnover increased to 74 days; inventory turnover improved to 97 days.
Outlook and guidance
Management expects long-term growth of 15%-20% and continued operating leverage, with optimism for EMEA and North America.
Market trends indicate strong growth in IoT connections (16% CAGR) and mobile data traffic (19% CAGR) through 2030.
FWA adoption, LEO satellite services, and edge computing routers are key growth opportunities.
Subscription business is expected to accelerate with system improvements and new features.
Gross margin expected to remain stable, with possible fluctuations due to market seeding or currency changes.
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