BSA Limited (BSA)
Market Cap: $12 million
Share price movement: -86%
BSA Limited has been informed by NBN Co that it has not been selected as a preferred tenderer for the new NBN Field Services Contract, making an award highly unlikely. BSA, which has been pursuing this tender in collaboration with UGL, remains prepared for various outcomes while assessing the impact of this development. The existing NBN Unified Field Operations contract, set to expire on 30 September 2025, continues without volume guarantees, but BSA has not yet received notifications regarding volume changes. This NBN contract is critical for BSA, accounting for approximately 80% of its revenue for FY2024. The reaction was savage and the company lost most of its value on the news.
Related, NAOS Small Cap Opportunities Company (NSC), a listed investment company that owns 31% of BSA, was sold down 25%, as it makes up a material portion of the LIC’s net asset value.
3P Learning (3PL)
Market Cap: $204.7m
Share price movement: flat
3P Learning announced its half-year 2025 results with revenue declining 2% to $52.7 million. However, underlying EBITDA increased significantly by 98% to $6.8 million, reflecting effective cost management strategies. The statutory net loss after tax narrowed to $0.7 million, showing an improvement of $11.3 million from the prior period. CEO Jose Palmero highlighted that the transition of Reading Eggs customers affected revenue but noted a 4% increase in Annual Recurring Revenue due to the recent acquisition of LiteracyPlanet. 3PL remains net cash positive and declared an interim dividend of 3.5 cents per share.
Resimac Group Ltd (RMC)
Market Cap: $364m
Share price movement: -12.1%
Resimac Group released its 1H25 trading update, revealing a normalised net profit after tax of $15.0 million, down 12% from the previous period. This was primarily due to increased collective provisioning in its asset finance sector. The asset finance portfolio has seen a rise in arrears, leading to net write-offs of $6.5 million (up from $2.9m in 1h24), prompting RMC to increase provisioning coverage from $46.1 million to $54.3 million. Despite the decline in statutory net profit after tax, operating profit before impairment expenses rose by 20%, driven by growth in Assets Under Management (AUM) and cost control and because statutory NPAT excludes a non-cash impairment expense. Management anticipates challenges ahead, particularly in meeting net profit consensus for FY25 but remains optimistic about achieving operating profit targets.
XRF Scientific Ltd (XRF)
Market Cap: $283.8m
Share price movement: +6.6%
XRF announced a solid half year result for FY25, reporting flat revenues of $28.7 million but a 13% increase in profit before tax to $7 million. The company achieved a 12% rise in net profit after tax, totaling $5 million, and operating cash flow more than doubled to $4.4m. The mining industry fueled strong activity, leading to record consumable sales and successful cross-selling strategies. The Consumables division was particularly noteworthy, generating $3.6 million in profit from $9.6 million in revenue. The Precious Metals division also performed well with $10.3 million in revenue and $1.7 million in profit before tax. XRF continues to expand its global presence and maintain profitability across its various divisions, with plans for further integration and expansion.
Enlitic Inc (ENL)
Market Cap: $49.3m
Share price movement: +46.6%
Enlitic announced a collaboration with GE HealthCare to enhance medical imaging data migration using artificial intelligence. The partnership, including Enlitic’s subsidiary Laitek, aims to streamline the transition to GE HealthCare’s latest Enterprise Imaging and PACS solutions. Key features of the collaboration include a secure cloud migration framework that can handle large volumes of imaging data, as well as AI-powered tools for data cleaning and optimization during the migration process. This initiative seeks to improve operational efficiency and facilitate better care decisions for healthcare providers globally. The collaboration underscores a commitment to innovation in healthcare data management, with both companies emphasizing the transformative potential of their combined technologies.
Propel Funeral Partners (PFP)
Market Cap: $809.8m
Share price movement: -0.3%
Propel Funeral Partners, the second largest provider of death and funeral services in ANZ, has announced the acquisition of two established funeral service providers in New Zealand for approximately A$7.3 million. The companies involved are Twentymans Funeral Services, operating since 1867, and Richmond Funeral Home, operational since 1887. Together, they generated around A$3.7 million in revenue last financial year and conducted approximately 600 funerals across seven locations. Propel will acquire three properties and lease four, with options to purchase some. The acquisition will be funded through debt facilities and is expected to be completed in the second half of FY25, with earnings anticipated to be accretive in the first year.
Baby Bunting (BBN)
Market Cap: $245.6m
Share price movement: -1.1%
Baby Bunting reported a strong financial performance for the first half of FY25, with a Pro Forma Net Profit After Tax (NPAT) of $4.8 million, a 37% increase from the previous year. Total sales reached $254.4 million, up 2.4%, driven by a 2.2% growth in same store sales. The company achieved a gross margin of 39.8%, an improvement of 260 basis points, and opened two new stores in Australia. Despite the positive results, the Board decided not to issue an interim dividend to support growth initiatives. Newly installed CEO Mark Teperson highlighted the importance of range innovation and customer acquisition, anticipating continued momentum with exclusive product launches. The outlook for FY25 remains optimistic with expected NPAT between $9.5 million and $12.5 million.
SRG Global (SRG)
Market Cap: $842.5m
Share price movement: -2.1%
Infrastructure services company, SRG Global its first-half result for FY25. The company reported revenue of $619.7 million, a 21% increase from the previous year, and underlying EBITDA of $59 million, up 31%. SRG transitioned to a net cash position of $9.1 million from the net debt of $38.2m position the company was in after the Diona acquisition, and declared a fully franked interim dividend of 2.5 cents per share, marking a 25% increase. The company upgraded its FY25 profit guidance, forecasting EBITDA between $125 million and $128 million and EBIT(A) between $91 million and $94 million. SRG’s strategic transformation into a diversified infrastructure services firm is showing positive results, with a record work backlog of $3.4 billion and an opportunity pipeline of $8.5 billion across various sectors.
Infomedia Ltd (IFM)
Market Cap: $558.0m
Share price movement: -2.0%
Infomedia Ltd, a global provider of automotive data-as-a-service and software-as-a-service solutions to the automotive industry, reported its half-year financial results for 2025. The company reported revenue growth of 2% to $71.2 million, 99% of which was recurring. Underlying cash EBITDA rose by 7% to $16.7 million, while net profit after tax (NPAT) was reported at $8.3 million. The company highlighted its growth in the APAC region, a robust cash balance of $78 million, and investments in leadership and product development. Key initiatives include the acquisition of a 50% stake in AI startup Intellegam and ongoing improvements in technology infrastructure. Looking ahead, Infomedia aims to strengthen its regional sales teams and maintain stable margins with guidance for total revenue projected between $142 million and $149 million.
About the author
ASX Small Cap News 19 February 2025
Another full day of earnings season today with plenty of action. Here is just a snippet of a few interesting reports and announcements. Emeco Holdings (EHL) Market Cap: $466.5m +4.8% Emeco reported strong financial and operational results for the first half of FY25. The company’s revenue, excluding underground contract mining, increased by 11% compared to 1H24. Operating EBITDA rose to $145.8 million, a 6% increase, while Operating EBIT reached $68.3 million, up 13%. The EBITDA margin improved from 32% to 38%, and the EBIT margin increased from 14% to 18%. Operating NPAT was $38.3 million, a 15% rise, and statutory NPAT was $33.6 million, a significant 73% increase. Emeco’s cash flow also saw a 22% increase, reaching $48.8 million, with a cash flow conversion rate of 94%. The company’s return on capital improved to 16%, and its leverage ratio decreased […]
ASX Small Cap News 18 February 2025
BSA Limited (BSA) Market Cap: $12 million Share price movement: -86% BSA Limited has been informed by NBN Co that it has not been selected as a preferred tenderer for the new NBN Field Services Contract, making an award highly unlikely. BSA, which has been pursuing this tender in collaboration with UGL, remains prepared for various outcomes while assessing the impact of this development. The existing NBN Unified Field Operations contract, set to expire on 30 September 2025, continues without volume guarantees, but BSA has not yet received notifications regarding volume changes. This NBN contract is critical for BSA, accounting for approximately 80% of its revenue for FY2024. The reaction was savage and the company lost most of its value on the news. Related, NAOS Small Cap Opportunities Company (NSC), a listed investment company that owns 31% of BSA, was […]
ASX Small Cap News 17 February 2025
Results season is in full swing on the ASX as we enter the second half of February. We detail some of the most interesting results that were released from small caps on the ASX. Audinate Group Limited (AD8) Market Cap: $799.3m Share price gain: +26.5% Audinate's result handsomely beat expectations of the market despite challenges arising from OEM inventory overstocking. For first half 2025 period, Audinate reported a gross profit of US$16 million, a 29% decrease compared to the same period last year, largely due to reduced demand for hardware products. However, the company saw an improvement gross profit margin from 72% to 82%, driven by a shift towards higher-margin software solutions. The CEO, Aidan Williams, expressed confidence in the company’s business model and ongoing investments in both audio and emerging video software markets. Key metrics showed 61 design wins […]
ASX Small Cap News 7 February 2025
The market struggled for direction today with large caps closing not far above flat and the Small Ords gave up early gains to finish only 3 basis points ahead of yesterday's close. The micro cap end, represented by the Emerging Companies Index fared a little better, ending 40 basis points in the green. Here's what made news today in ASX Small caps. ikeGPS Group Limited (IKE) Market cap: $116.5 million Share price movement: +29.5% ikeGPS Group announced that it has discontinued discussions regarding a previously unannounced and unsolicited acquisition approach from a credible private equity group. The proposed acquisition was to buy 100% of IKE’s shares at an indicative offer of approximately NZ$1.00 per share, representing a significant premium of over 62% based on IKE’s share price as of February 5, 2025. However, the board did not believe that this […]
ASX Small Cap News 6 Febrary 2025
It was another strong day for equities today, led by discretionary, financials, and gold. This lifted the large caps more than the smaller end with the ASX 200 up 1.23% compared to the Small Ordinaries up 0.56% and the Emerging Companies Index up 0.90%. Here's what made news today. SOCO Corporation Ltd (SOC) Market Cap: $12.7 million Share price movement: -27.2% SOCO released its preliminary unaudited first-half revenue for FY2025 at $11.0 million, marking an increase from $9.3 million in the same period last year. Despite a strong start with $18 million in contracts signed by October 2024, project delays and a decline in demand from Federal Government clients have impacted performance. The company is working to diversify its client base, particularly in Victoria and Queensland, and remains optimistic about resuming delayed projects. Forecasts for FY2025 revenue have been adjusted […]
ASX Small Cap News 5 February 2025
ASX small caps posted another solid day on the bourse with the Small Ordinaries recording a 1.25% gain while the Emerging Companies Index lifted 1.2%. This outshines the smaller gain by the ASX 200 of 0.51%. Kelly Partners Group Limited (KPG) Market Cap: 462.5 million Share price movement: -12.2% Kelly Partners reported a 22.8% increase in 1H25 revenue, reaching $64.9 million, up from $52.9 million in 1H24. Underlying NPATA attributable to the Kelly + Partners parent group rose by 12.0% to $4.9 million. KPG continues its quest to become a premier global accounting firm for private business owners and now has operations in Australia, Hong Kong, India, and the USA, where US partnerships contribute approximately 12.2% to 15.2% of the group’s revenue. In this vein, KPG has launched initiatives such as an undergraduate program and a digital client app to […]
Related
ASX Small Cap News 19 February 2025
Another full day of earnings season today with plenty of action. Here is just a snippet of a few interesting reports and announcements. Emeco Holdings (EHL) Market Cap: $466.5m +4.8% Emeco reported strong financial and operational results for the first half of FY25. The company’s revenue, excluding underground contract mining, increased by 11% compared to 1H24. Operating EBITDA rose to $145.8 million, a 6% increase, while Operating EBIT reached $68.3 million, up 13%. The EBITDA margin improved from 32% to 38%, and the EBIT margin increased from 14% to 18%. Operating NPAT was $38.3 million, a 15% rise, and statutory NPAT was $33.6 million, a significant 73% increase. Emeco’s cash flow also saw a 22% increase, reaching $48.8 million, with a cash flow conversion rate of 94%. The company’s return on capital improved to 16%, and its leverage ratio decreased […]
ASX Small Cap News 17 February 2025
Results season is in full swing on the ASX as we enter the second half of February. We detail some of the most interesting results that were released from small caps on the ASX. Audinate Group Limited (AD8) Market Cap: $799.3m Share price gain: +26.5% Audinate's result handsomely beat expectations of the market despite challenges arising from OEM inventory overstocking. For first half 2025 period, Audinate reported a gross profit of US$16 million, a 29% decrease compared to the same period last year, largely due to reduced demand for hardware products. However, the company saw an improvement gross profit margin from 72% to 82%, driven by a shift towards higher-margin software solutions. The CEO, Aidan Williams, expressed confidence in the company’s business model and ongoing investments in both audio and emerging video software markets. Key metrics showed 61 design wins […]
ASX Small Cap News 7 February 2025
The market struggled for direction today with large caps closing not far above flat and the Small Ords gave up early gains to finish only 3 basis points ahead of yesterday's close. The micro cap end, represented by the Emerging Companies Index fared a little better, ending 40 basis points in the green. Here's what made news today in ASX Small caps. ikeGPS Group Limited (IKE) Market cap: $116.5 million Share price movement: +29.5% ikeGPS Group announced that it has discontinued discussions regarding a previously unannounced and unsolicited acquisition approach from a credible private equity group. The proposed acquisition was to buy 100% of IKE’s shares at an indicative offer of approximately NZ$1.00 per share, representing a significant premium of over 62% based on IKE’s share price as of February 5, 2025. However, the board did not believe that this […]
ASX Small Cap News 6 Febrary 2025
It was another strong day for equities today, led by discretionary, financials, and gold. This lifted the large caps more than the smaller end with the ASX 200 up 1.23% compared to the Small Ordinaries up 0.56% and the Emerging Companies Index up 0.90%. Here's what made news today. SOCO Corporation Ltd (SOC) Market Cap: $12.7 million Share price movement: -27.2% SOCO released its preliminary unaudited first-half revenue for FY2025 at $11.0 million, marking an increase from $9.3 million in the same period last year. Despite a strong start with $18 million in contracts signed by October 2024, project delays and a decline in demand from Federal Government clients have impacted performance. The company is working to diversify its client base, particularly in Victoria and Queensland, and remains optimistic about resuming delayed projects. Forecasts for FY2025 revenue have been adjusted […]
ASX Small Cap News 5 February 2025
ASX small caps posted another solid day on the bourse with the Small Ordinaries recording a 1.25% gain while the Emerging Companies Index lifted 1.2%. This outshines the smaller gain by the ASX 200 of 0.51%. Kelly Partners Group Limited (KPG) Market Cap: 462.5 million Share price movement: -12.2% Kelly Partners reported a 22.8% increase in 1H25 revenue, reaching $64.9 million, up from $52.9 million in 1H24. Underlying NPATA attributable to the Kelly + Partners parent group rose by 12.0% to $4.9 million. KPG continues its quest to become a premier global accounting firm for private business owners and now has operations in Australia, Hong Kong, India, and the USA, where US partnerships contribute approximately 12.2% to 15.2% of the group’s revenue. In this vein, KPG has launched initiatives such as an undergraduate program and a digital client app to […]
ASX Small Cap News 4 February 2025
The Australian market failed to find much direction after a night of tariff jitters and closed near flat. However, things were a bit more positive at the lower end of the market with the Small Ordinaries Index closing 0.32% higher and the Emerging Companies Index 1.18% higher. OncoSil Medical Ltd (OSL) Market Cap: $32.3 million Share price movement: +40% OncoSil Medical Limited has announced that 120 German hospitals are now authorized to negotiate funding for their OncoSil pancreatic cancer treatment device under Germany’s innovation funding program (NUB). The device targets locally advanced pancreatic tumors using Phosphorous-32 (32P) and is administered with chemotherapy for enhanced effectiveness. This marks a 43% increase from 2024, reflecting growing demand and acceptance of the device in the German healthcare system. The OncoSil device, which administers a targeted treatment for unresectable pancreatic cancer, has received significant […]
