Metro Performance Glass (MPG) H1 2025 earnings summary

Executive summary

• Revenue for the half year ended 30 September 2024 was $114.1m, down from $130.2m year-over-year.

• Net loss for the period was $5.0m, an improvement from a $9.2m loss in the prior year.

• Demand fell across all operating sectors, but market share increased as revenue drop was less than the overall market decline.

• Turnaround efforts focused on restructuring, cost reduction, and improving service and product quality.

• Customer satisfaction and service delivery reached all-time highs, with DIFOT above 90% since June.

Financial highlights

• Gross profit declined to $44.9m from $54.9m year-over-year.

• EBITDA before significant items was $9.2m, down from $16.5m in the prior year.

• Net debt increased to $55.2m from $53.0m at 31 March 2024.

• Approximately $3m in costs removed in FY25, with another $3m targeted for FY26.

• Monthly profitability improved after April, with expectations for a much reduced second half loss.

Outlook and guidance

• Directors remain confident in a successful capital raise and are focused on debt reduction.

• Second half loss expected to be significantly reduced due to ongoing cost and revenue initiatives.

• Conditional agreements with Cowes Bay Group for equity investment and refinancing are in progress.

• Banking facilities have been extended to February 2025 to allow time for capital raising.

• No plans to seek additional shareholder capital until future returns are assured.