Basis of preparation. Historical figures are pro forma for the listing perimeter, excluding Lobels Holdings, which was sold in H1 2026. FY2025 is the year to 31 December 2025. F = directors' forecast, shown shaded and hatched. Figures are rounded, so totals and percentages may not add up exactly. The Prospectus dated 14 October 2026 contains the full financial information.

FY2025 revenue
US$78.7mup 33.1%
FY2025 EBITDA
US$10.5mup 19.3%
FY2025 profit after tax
US$4.7mup 2.2%
of revenue billed in US dollars
>95%

The listing perimeter

US$78.7m of FY2025 revenue lists, after Lobels is excluded

  • Total
  • Increase
  • Decrease
  • US$m
Show the data table
FY2025 revenue, statutory group to listing perimeter (US$m)
StepUS$m
Statutory group revenue174.2
Less: Lobels Holdings−110.1
Add back: intra-group+14.6
Listing perimeter78.7

Results and forecasts

Revenue forecast to reach US$120m by FY2030

Revenue US$m

EBITDA US$m

Profit after tax US$m

  • Actual, pro forma
  • F = directors' forecast
  • FY2027 to FY2029 not published
Show the data table
Pro forma results and directors' forecasts (US$m unless stated)
US$mFY2024FY2025FY2026FFY2030F
Revenue59.178.794.4120.0
EBITDA8.810.514.123.0
Profit after tax4.64.77.912.8
Revenue growth–+33.1%+20%–
EBITDA margin––14.9%19.2%
Gross margin–13.3%–29.0%

Current trading

Nine months to 30 September 2026

Revenue growth
+25.1%US$58.6m to US$73.2m
of the FY2026 revenue forecast
77.6%delivered in the first nine months
Operating costs to revenue
13.6%down from 15.8%

Revenue bridge

Volume adds US$54.0m; the Lobels contract ending takes away US$13.4m

  • Total
  • Increase
  • Decrease
  • US$m
Show the data table
Revenue bridge, FY2025 to FY2030F (US$m)
StepUS$m
FY2025 revenue78.7
Volume+54.0
Price and mix−3.2
Lobels contract ends−13.4
Fleet redeployed+2.4
Other+1.5
FY2030F revenue120.0

Investment plan

US$46.6m of capex from FY2026 to FY2030

  • Growth
  • Maintenance
  • US$m · all years forecast
Total, FY2026 to FY2030
US$46.6m
Growth
US$30.1m
Maintenance
US$16.5m

Funded by operating cash flow, the net primary proceeds of about US$4.48m and modest debt, kept at or below about 0.5x EBITDA. Growth capex funds the new biscuit line, baked-beans and snacks plants and energy supply, commissioning from FY2026 to FY2028.

Show the data table
Capex plan, FY2026F to FY2030F (US$m)
YearGrowthMaintenanceTotal
FY2026F6.82.69.4
FY2027F6.43.19.5
FY2028F6.53.19.6
FY2029F5.63.69.2
FY2030F4.84.18.9
Total30.116.546.6