Coventry Group (CYG) H2 2025 earnings summary

Executive summary

• FY25 group sales declined 1.7% to $364.6m, with underlying EBITDA down 40.9% to $12.3m and EBIT before significant items falling 59.4% to $6.9m.

• Statutory net loss was $29.6m, impacted by $24.5m impairment of intangibles and $6.8m ERP costs.

• Net assets decreased to $111.2m from $143.1m in FY24.

• Board and senior management refreshed, with Nik Alpert confirmed as CEO.

Financial highlights

• Revenue dropped to $364.6m, down 1.7% from FY24.

• EBITDA before significant items was $12.3m, a 40.9% decrease year-over-year.

• EBIT before significant items fell 59.4% to $6.9m.

• Net profit after tax (NPAT) was a loss of $29.6m, compared to a $0.7m profit in FY24.

• Net tangible assets at 30 June 2025 were $25.4m; net assets totaled $111.2m.

Outlook and guidance

• FY26 EBITDA guidance set at over $20m, with expected quarter-on-quarter improvement.

• Focus on disciplined execution, cost reduction, sales growth, cash generation, and debt reduction under new executive team.

• July sales reached $34m, up 6.3% from June and 2.5% year-over-year, with unaudited EBITDA of $1.1m above budget.