Tekmar Group Plc (LON:TGP), a leading provider of technology and services for the global offshore energy markets, has announced its interim results for the 6-month period ended 31 March 2025.
Headlines for the Period
· Revenue of £12.3m (HY24: £16.2m) at 29% gross margin and adjusted EBITDA of £(0.7)m (HY24: £1.8m)
· Trading for the Period reflects the anticipated lower activity levels in H1. As previously guided, profit delivery is expected to be weighted towards the second half of FY25
· Order intake during the Period of £10m (HY24: £21m) at a blended gross margin of 32%. Whilst awards were slower than anticipated, effective cost control helped offset the impact of lower revenue
· The visible pipeline remains strong with in excess of £50m of projects scheduled for award in the second half of this calendar year
· Net debt of £1.8m as at 31 March 2025 (£3.6m as at 31 March 2024). Ongoing disciplined cashflow management including agreed payment plan to reduce aged debt in China with £0.6m received during June 2025
Solid progress made on key initiatives within Project Aurora – our strategic plan to deliver true scale
· Organisational restructure and focus on costs have achieved over £1m of annualised cost savings, representing an overhead reduction of 11%, providing a leaner cost base for FY26 and opportunities to invest in growth
· Recent simplification of business and now reorganised across two verticals: Asset Protection Technology and Offshore Energy Services
· Significant progress made in closing out legacy warranty claims in relation to alleged CPS defects
· New talent acquired to support the front end of the business in capturing growing market opportunities
· Annual review process of banking facilities concluded including the renewal of the £4m trade loan facility. In addition, the Group has taken out a 3-year £2m Growth Guarantee Scheme term loan, supported by the British Business Bank
· Together with the trade loan facility, the Group will utilise these facilities to support ongoing working capital and repay the CBILs loan which is due for repayment on 31 October 2025
· The Board continues to actively assess and progress accretive M&A opportunities
HY25 financials
| 6M ending Mar-25Unaudited£m | 6M ending Mar-24Unaudited5£m | 12M endingSep-24Audited5£m | |
| Revenue | 12.3 | 16.2 | 32.8 |
| Gross Margin | 29% | 33% | 32% |
| Adjusted EBITDA1 | (0.7) | 1.8 | 1.7 |
| Net Cash / (Debt) 2 | (1.8) | (3.6) | (1.6) |
Sales KPIs
| 6M ending Mar-25Unaudited£m | 6M ending Mar-24Unaudited£m | 12M endingSep-24Unaudited£m | |
| Order Book3 | 12.6 | 21.9 | 16.4 |
| Order Intake4 | 10.0 | 21.1 | 32.4 |
Richard Turner, CEO, commented: “We remain confident in the strength of our bidding pipeline and expect H2 order intake to be strong, however the build of order book has been slower than we anticipated. Whilst this impacted H1 activity levels it strengthens our visible pipeline for the remainder of the calendar year.
We have performed very well operationally in the first half of this year with excellent QHSE performance and On Time Delivery. We have also made solid progress on our strategic plan – strengthening the business and building the platform for sustained growth for 2026 and beyond – alongside maintaining a tight control of cash and cost. However, we still have significant free capacity, and our results reflect this underutilisation.
Our priorities for the second half of the year are to drive the business to meet our financial commitments for FY25 and win good quality orders that lead to a strong starting backlog for FY26. We continue to engage with potential acquisition targets and will remain disciplined in our approach as we execute on our strategy to deliver true scale and diversification for Tekmar and value for shareholders.”
Notes:
| (1) | Adjusted EBITDA is a key metric used by the Directors. Earnings before interest, tax, depreciation and amortisation are adjusted for material items of a one-off nature and significant items which allow comparable business performance. Details of the adjustments can be found in the adjusted EBITDA section below. Adjusted EBITDA might not be comparable to other companies. | |
| (2) | Net cash is defined as total cash held by the Group less bank borrowings. | |
| (3) | Order Book is defined as signed and committed contracts with clients. | |
| (4) | Order Intake is the value of contracts awarded in the Period, regardless of revenue timing. | |
| (5) | Figures for FY24 and HY24 exclude Subsea Innovation Limited due to divestment in May 2024. These figures are treated as discontinued operation. | |
INTERIM REPORT FOR THE 6 MONTHS TO 31 MARCH 2025
First half performance and full year outlook
The first half trading performance reflects our expectation for a stronger weighting of profit delivery in the second half of FY25. In terms of our two end markets, £8m of revenue was within the offshore wind market and £4m in other offshore markets, in particular Oil & Gas. Revenues for the offshore wind market in particular were lower than the prior year period, reflective of timing of project awards as the sector recovers from its well-publicised challenges. Offshore energy markets have now hit an inflection point and demand is starting to increase as expected in the second half of 2025 and is expected to continue to increase into 2026. During the period we remained disciplined in our commercial approach and maintained tight controls on overhead costs and cash as we position the business to capture the growing momentum in our markets.
Looking ahead to the rest of the financial year, the addressable order volume and value across our markets is significant with a visible pipeline of over £400m, of which in excess of £50m of projects are scheduled for award in the second half of this calendar year. We have a number of significant tender opportunities across all revenue lines as well as a material volume of “in and out” work. Whilst the timing of these awards can be subject to change, the shape of the pipeline supports our dual objective of delivering on our financial commitments for the current financial year whilst building a strong backlog for FY26. Accordingly, subject to these anticipated awards, the Board expects EBITDA generation to be improved in the second half such that a reasonable expectation is for adjusted EBITDA for FY25 to be broadly consistent with FY24.
Order Intake
We have secured a number of important contract wins since the start of the calendar year which highlight the differentiated technology we offer to the market:
• A high profile UK offshore wind contract award with a total value in the region of £5 million for a UK-based offshore wind farm project.
• A contract to provide grouting services for the Inch Cape Offshore Wind Farm, located off the east coast of Scotland, reinforcing our strategic focus on expanding our presence in this critical service area.
• A three-year framework agreement with Nexans S.A. to provide a wide scope of critical engineering support to Nexans’ offshore wind projects worldwide, including cable burial risk assessments, installation analysis and specialist subsea engineering consultancy.
Being able to deliver this breadth of protection technology and complementary services sets us apart in the market and puts us ahead of the competition in being able to support the full lifecycle of offshore energy projects.
Update on Project Aurora – our strategic plan to deliver true scale
In December 2024, we communicated to the market a summary of our 3-5 year strategic plan – “Project Aurora”. The plan is rooted in driving significant organic growth across the Group’s existing portfolio of products and services, along with complementary M&A. This addresses the importance of Tekmar achieving greater scale and in doing so benefiting from significant profitability gains through operational gearing.
Since our last results update to the market, we have made progress in a number of areas that help to strengthen our growth platform:
(i) Implemented a simplified business structure and reorganisation aligned with Project Aurora
Reflecting the core capabilities of the Tekmar Group today we are refocusing the business across two scalable value streams:
Asset Protection Technology: this includes our end-to-end engineering and analysis capability, from feasibility, through to installation, commissioning and operations, augmented with our advanced technology in polyurethane and concrete protection systems. These capabilities have been the primary profit generators for Tekmar historically and we expect this revenue stream to continue to grow as we deliver the organic growth potential of the Group under Project Aurora.
Offshore Energy Services: this includes our grouting and equipment rental services, where we have an established fleet of assets which delivered revenue of £1.5m in FY24. Demand for these services is strong, and we have increased our asset base, which is ultimately expected to support circa £6m annual run rate revenue going forward. Our intention is to continue to invest in further capability and to broaden our range of services which will enhance the Group’s blended margin and strengthen cash flow.
We will increasingly align our resources with these revenue streams to drive order intake and deliver revenue. Our M&A roadmap is also aligned and complementary to this structure.
We are embedding this structure organisationally to drive growth across these revenue streams and in this respect we are reviewing our basis of segmental reporting with a plan to align for FY25 results.
(ii) Strengthening the platform – growth financing
Post the period-end we have renewed the £4m trade loan facility with Barclays and put in place a new £2m 3-year term loan with the British Business Bank. Together with the trade loan facility, the Group will utilise these facilities to support ongoing working capital and repay the CBILs loan which is due for repayment on 31 October 2025. We are in discussions to establish our first asset backed lending facility with the proceeds to be used in acquiring additional grouting equipment with an attractive payback period of less than 2 years on investment. This builds on our recent growth in this area and the increased asset base will be used to drive growth across both offshore wind and oil and gas markets and supports our planned expansion into other regions, particularly Europe. This investment in our grouting asset base supports our strategic objective to increase services revenues and strengthen Group margins.
(iii) Good progress in relation to warranty claims regarding alleged CPS defects
Tekmar has continued its commitment in working with relevant installers and operators to investigate further, the root cause of ongoing legacy defect notifications relating to the industry-wide issue regarding abrasion of legacy cable protection systems installed at offshore windfarms. This has been undertaken without prejudice and on the basis that Tekmar has consistently denied any responsibility for these issues. The Root Cause Analysis (RCA) investigations have not concluded that Tekmar products are defective.
As covered in our FY24 Annual Report, Tekmar has been working in collaboration with the two relevant customers, to explore the insurance available for such matters notwithstanding Tekmar’s position regarding responsibility and liability. The Group has negotiated a commercial settlement with its Extended Product Liability (EXPL) insurance provider of £5.2m in relation to the relevant claims. These insurance proceeds are available for use at the discretion of the Group in settlement of the relevant claims, with any unused cash repayable to the insurer.
In March 2025, we announced we had reached a commercial settlement with one of the customers relating to one of the ongoing legacy defect notifications. The balance of the settlement agreement was fully covered by the insurance monies already received by the Company with nil cash impact on the Company. The settlement does not impact the Company’s ongoing commercial relationships in the industry. Commercial discussions are ongoing regarding resolution of the remaining disputes related to the legacy defect notifications.
(iv) M&A – engagement with selected targets is ongoing
The organic growth plan is complemented by the Group’s M&A strategy to deliver additional scale and diversification. This plan is supported by the £18m of funding available, subject to conditions including SCF Investment Committee approval, through the SCF convertible loan note instrument and the relevant experience and relationships across the Board and the broader business.
Accelerating the level of EBITDA and cash generation of the Group is key in our assessment of opportunities as we look to build scale, strengthen the technology and services we offer customers, and expand our reach in targeted geographies. A robust acquisition pipeline has been developed, and the Board is actively engaged with accretive acquisition targets. We continue to adopt a disciplined approach to assessing value in order to bring affordable scale to the group.
(v) A continued focus on costs and cash
Cash collection continues to be a key priority and good progress has been made with regards to £2.1m of overdue debt in China, where a payment plan has recently been formally agreed. Approximately £0.6m has been received in June 2025 with the remainder anticipated over the remaining calendar year.
Additionally, during the financial year, we have managed costs prudently and delivered over £1m of annualised cost savings. This has been achieved primarily through the management of headcount and other areas such as IT and equates to an 11% reduction in overhead. These savings provide a leaner cost base to go into FY26 and some headroom to offset general inflationary increases and for targeted investment in our sales capability.
We continue to maintain tight controls on managing the cash requirements of the business to support growth and working capital, including disciplined capex and targeted investment in products and services that represent the greatest opportunity for near-term growth. Capex for the current financial year is expected to be in the region of £0.5m, excluding any additional asset financed grouting investment.
Increasingly Favourable Markets Support Sustained Demand for Tekmar’s Technology(1)
The key indicators across offshore energy markets are consistent with an improving market environment.
In offshore wind, there is now a higher volume of projects being sanctioned than ever before as the market moves into recovery and builds momentum after the challenges of recent years. The lead indicators support this improving trajectory – 2023 and 2024 combined saw a record-high Final Investment Decision (“FID”) of 19.4GW, reversing the pause in 2022 when 0.8GW of offshore wind capacity was consented(1). Linked to this, industry analysts forecast 1,000 turbines per year will be installed through 2028, increasing to 2,000 by 2030(2). Demand is expanding globally, with Europe remaining the anchor growth market, particularly the UK (3). In addition, turbine OEMs are reporting improved financial performance (4) and cable manufacturers are reporting stronger backlogs (5). Activity levels across the oil and gas industry highlight the continued high and sustained levels of CAPEX and OPEX, with this investment increasingly recognised as essential to support energy transition (5). These factors in turn indicate supply chain capacity will be stretched and supports sustained demand for Tekmar’s technology and engineering services.
Richard Turner
Chief Executive Officer
26 June 2025
Sources:
(1) 4C Offshore, Offshore Wind Farms Project Opportunity Pipeline Database, Version Q1 2025
(2) GWEC, “Strong 2023 offshore wind growth as industry sets course for record-breaking decade” Article
(3) Julius Baer, “Offshore wind: growth outlook across different parts of the world” Article
(4) offshoreWIND.biz: Vestas: “We Returned to Profitability”
(5) Offshore-Mag, “Shortage of submarine power cables poses threat to offshore wind market” Article
Group financial performance
Overview
The Group reported revenue of £12.3 million for the 6-month period ended March 2025, representing a decrease of £3.9 million compared to the £16.2 million reported for the 6-month period to 31 March 2024. This was due to lower demand within offshore wind and aggressive pricing pressure in one region relating to the supply of concrete products. £8.1 million of revenue was generated within the offshore wind market and £4.2million in other offshore markets, in particular Oil & Gas. Gross margin on the revenue delivered in the half year was 29%. Whilst revenues are down on the prior year comparators, demand is starting to increase in line with the improving environment across offshore energy markets.
| 6M endingMar-25Unaudited£m | 6M ending Mar-24Unaudited£m | 12M endingSep-24Audited£m | |
| Revenue | 12.3 | 16.2 | 32.8 |
| Gross Profit | 3.5 | 5.4 | 10.5 |
| Adjusted EBITDA(1) | (0.7) | 1.8 | 1.7 |
| (LBT) from continuing operations | (2.7) | (0.4) | (4.5) |
| EPS from continuing operations | (1.93p) | (0.26p) | 0.23 |
| Adjusted EPS(2)(3) from continuing operations | (1.50p) | (3.74p) | (1.00p) |
Subsea Innovation Limited was divested in May-24 and therefore figures for FY24 and HY24 exclude Subsea Innovation Limited. The figures are treated as treated as discontinued operation.
(1) Adjusted EBITDA is a key metric used by the Directors. Earnings before interest, tax, depreciation and amortisation are adjusted for material items of a one-off nature and significant items which allow comparable business performance. Details of the adjustments can be found in the adjusted EBITDA section below. Adjusted EBITDA might not be comparable to other companies.
(2) Adjusted EPS is a key metric used by the Directors and measures earnings after adjusting for material items of a one-off nature and significant items which allow comparable business performance.
(3) Earnings for EPS calculation are adjusted for exceptional items as shown in note 5 below.
Asset Protection Technology
Demand for our cable protection technology and engineering services has been lower the last year in both Offshore Wind and Oil & Gas. In wind this slowdown is symptomatic of the challenges created by increased interest rates and material price inflation in parallel with lower strike prices that stretched project economics and significantly delayed approvals. These macro-economic effects have progressively been overcome, and the industry is regaining momentum. This is demonstrated by record levels of Final Investment Decisions (FIDs) in 2023/24, a robust indication of sustainably increasing demand moving towards us and the wider supply chain. This anticipated resurgence is further reflected by our inquiry pipeline that has increased considerably over the last year with some significant awards expected this summer for deliver in 2026 and beyond.
Our concrete stabilisation and protection technology is used globally in all segments of offshore energy. Our primary geographical market within Oil & Gas is the Middle East. Pricing has been particularly aggressive in this region and we elected not to take on some large contracts with unfavourable cash flows. As part of our operational excellence programme under the Project Aurora strategic framework, we have identified opportunities for greater supply chain efficiencies which will ensure we can compete effectively in the Middle East market. We have also strengthened our sales resource effectiveness through replacement hires and re-organisation, and the identified broader opportunities to focus our concrete products on more value-add projects. Furthermore, market dynamics are now shifting towards a surplus of aggregated demand from Oil & Gas and Marine Civils port infrastructure.
Offshore Energy Services
Since our initial investment into offshore grouting assets in 2022, we have been successful in both winning and executing projects and have established a strong track record supported by excellent customer feedback. In FY24 we delivered £1.5m of revenue from grouting services. These assets have a proven strong return on investment and a positive growth outlook supported by industry demand across all of our end markets. Towards the end of FY24 we added two further units to the fleet giving us a capability to ultimately generate revenue of c.£6m per year. During FY25 to date we have secured revenue of £1.8m and have an active pipeline of opportunities of c.£5m for grouting projects that will be executed in the remainder of FY25 and into FY26. Similarly, our equipment rental services have been in high demand, in particular our bespoke lifting and deployment frames. In HY25 these assets delivered a gross margin in excess of 90%.
Results are analysed below by market, and it is planned that FY25 segmental reporting will align to our key revenue streams and growth plan as detailed above.
Revenue
| Revenue by market | |||
| £m | 6MMar25 | 6MMar24 | 12MSep24 |
| Offshore Wind | 8.1 | 11.3 | 17.1 |
| Other Offshore | 4.2 | 4.9 | 15.7 |
| Total | 12.3 | 16.2 | 32.8 |
Blended gross profit margin for the Group was 29% for the 6-month period.
Gross profit margin in Offshore Wind was 25% in HY25. This was impacted by a remaining lower margin legacy project which were completed in the period, therefore gross profit margin for this division for the full year is expected to progressively improve. Projects within the Other Offshore market, including Oil & Gas and Marine Civils infrastructure, delivered a strong gross profit margin of 35%, reflecting solid commercial performance during the period.
Gross Margin
| Gross Profit by market | ||||
| £m | 6MMar25 | 6MMar24 | 12MSep24 | |
| Offshore Wind | 2.0 | 2.9 | 5.5 | |
| Other Offshore | 1.5 | 3.7 | 6.0 | |
| Unallocated costs | – | (1.2) | (1.0) | |
| Total | 3.5 | 5.4 | 10.5 | |
Unallocated costs in the 6-months to Mar 24 and 12-months to Sep 24 related to manufacturing facility production costs which are absorbed within each market segment gross margin for the 6-months to Mar 25.
Operating expenses
The cost base continues to be carefully managed and cost-saving measures have been implemented during the year to date which will take effect in the second half of the year. This provides an annualised benefit of over £1m for FY26 and provides some flexibility for headcount investment and general inflationary pressures.
Adjusted EBITDA
Adjusted EBITDA is a primary measure used by management to monitor and provide a consistent measure of trading performance from one period to the next. The adjustments to EBITDA remove material items of a one-off nature or of such significance that they are considered relevant to the user of the financial statements as it represents a useful measure that is reflective of the comparable performance of the business. The Board reviews all exceptional items to ensure resulting Adjusted EBITDA achieves this.
The £(0.7)m Adjusted EBITDA loss for the 6 months ended 31 March 2025 (HY24: £1.8m) reflects a decrease of £2.5m as a result of the trading performance described above.
The below table shows the adjustments that have been made to calculate Adjusted EBITDA.
| EBITDA Reconciliation (£m) | 6 monthsMar-25 | 6 monthsMar-24 | 12 months Sep-24 |
| Reported operating loss | (2.3) | (0.0) | (3.8) |
| Amortisation of acquired intangible assets | 0.0 | 0.1 | 0.1 |
| Amortisation of other intangible assets | 0.1 | 0.3 | 0.3 |
| Depreciation on tangible assets | 0.6 | 0.4 | 0.9 |
| Depreciation on ROU assets | 0.2 | 0.2 | 0.4 |
| EBITDA | (1.4) | 1.0 | (2.1) |
| Adjusted items: | |||
| Share Based Payments | 0.1 | – | 0.2 |
| Impairment of goodwill | – | – | 1.5 |
| Implementation of accounting system | – | – | 0.2 |
| Warranty legal costs | 0.1 | – | 0.6 |
| Expected credit loss | – | – | 0.5 |
| Foreign exchange losses & gains | – | 0.8 | 0.6 |
| Restructuring costs | 0.5 | – | 0.2 |
| Adjusted EBITDA | (0.7) | 1.8 | 1.7 |
Subsea Innovation Limited was divested in May-24 and therefore figures for FY24 and HY24 exclude Subsea Innovation Limited. The figures are treated as treated as discontinued operation.
Profit
This figure includes £0.7m of one-off exceptional items, comprising £0.5m in restructuring costs related to executive management changes, £0.1m exceptional share-based payment charge and £0.1m in warranty costs.
On a statutory basis, the Group’s loss before tax for the Period was £2.7m, reflecting the trading performance outlined above.
Balance Sheet
| £m | Mar25 | Mar24 | Sep24 | |
| Fixed Assets | 4.1 | 6.7 | 4.5 | |
| Intangible assetsInvestment Property | 16.6- | 18.9- | 16.82.8 | |
| Inventory | 1.7 | 3.2 | 1.9 | |
| Trade & other receivables | 14.2 | 15.1 | 20.3 | |
| Assets held for sale | 2.8 | 5.0 | – | |
| Cash | 3.9 | 2.7 | 4.6 | |
| Current Liabilities | (16.6) | (13.5) | (20.9) | |
| Liabilities held for sale | – | (2.8) | – | |
| Non-current liabilities | (1.7) | (1.4) | (1.8) | |
| Equity | (25.1) | (33.9) | (28.2) |
Fixed Assets
During the 6-month period to March 2025, we were disciplined in our approach to capital expenditure and focused on investments which support near term growth and returns. As a result, additions were £0.3m in the half-year to March 2025, which mainly related to grouting silos and production moulds.
Intangible assets
Intangible assets include goodwill which was £15.8m at the balance sheet date versus £15.8m at the end of FY24. The goodwill relates to the original management buy-out of subsidiaries since 2011.
Inventory
Inventory on the balance sheet was £1.7m, a similar level to FY24. The £1.5m reduction versus HY24 related to work-in-progress on two large Middle Eastern projects.
Trade and other receivables
Trade and other receivables of £14.2m includes a trade receivables balance of £5.7m and contract assets of £6.2m. Also, £1.2m cash was received to March 2025 followed by a further £0.5m in May 2025, relating to deferred consideration on the disposal of Subsea Innovation Ltd in May 2024.
Collections are well managed with particular focus around Middle East and China debtors. Of the £2.1m aged debt with China, £0.6m has since been received in June 2025. In addition, a £0.5m credit loss provision remains, which was held against this debt at FY24 due to the duration of the debt. The billed amounts are not in dispute and a further payment plan is in place which would see the debt largely recovered in the calendar year.
Contract assets of £6.2m were £2.6m higher versus £3.6m at HY24. This relates to accrued income on two large contracts scheduled to move to billed debt in the following quarter.
Asset held for sale
The Group holds an investment property valued at £2.8m, which was retained following the divestment of Subsea Innovation Ltd in May 2024. The property is marketed for sale and therefore reported as an asset held for sale at HY25.
Assets and liabilities held for sale in HY24 relate to the divestment of Subsea Innovation Limited, which completed in May 2024.
Cash
Cash balance at the period end to 31 March 2025 was £3.9m. This was offset by bank borrowings of £5.8m resulting in net debt of £1.8m. The cash balance included the residual £3.8m of insurance proceeds from the £5.2m received in October 2024 relating to legacy defect notifications, following the £1.4m commercial settlement reached with a particular customer in March 2025. Bank borrowings of £5.8m included the £3.0m CBILs loan and £2.8m of the £4.0m trade loan drawn.
Current liabilities
Current liabilities increased by £3.1m to £16.6m (HY24: £13.5m). Within the £3.1m, £3.8m related to anticipated commercial settlement regarding legacy warranty matters, as detailed in the FY24 annual accounts, offset by a £0.6m reduction in trade loan borrowings which stood at £2.8m.
Bank Facilities
During the month of June 2025, banking facilities were renewed with Barclays Bank. This comprises a renewal of the £4m 80% UK Export Finance backed trade loan which remains a flexible facility available for ongoing working capital.
In addition, the Group has taken out a £2.0m Growth Guarantee Scheme loan, supported by the British Business Bank. The loan is a 3-year term loan which will come into effect later this year prior to the repayment of the CBILs loan, due for repayment by 31 Oct 2025.
Consistent with FY24 and as noted in the basis of preparation below in the notes to the financial statements, due to the required annual renewal of our banking facilities and the uncertain timing of contract awards, the Group has disclosed a material uncertainty in relation to going concern. Management remains confident that the relationship with Barclays, coupled with support from UK Export Finance and the growth outlook for the Group’s core revenue markets, will ensure sufficient liquidity for the Group.
Other Non-current liabilities
Other Non-current liabilities of £1.7m (HY24: £1.4m) relate to lease liabilities in relation to IFRS16, warranty provision and deferred tax liability.
In summary, while we are not in control of the timing of contract awards, we see evidence of a significant improvement in our end markets, which we expect will benefit our order intake in the second half of the year and into FY26. This, in turn, should lead to positive operational gearing effects for the business.
We remain focused on managing the balance sheet to support our working capital requirements and growth opportunities, and our facilities will continue to be reviewed to ensure they are appropriately aligned with the business plan.
Leanne Wilkinson
Chief Financial Officer
26 June 2025
