Acrow Corporation reported a 27% rise in total revenue for the fiscal year ended June 30, reaching approximately AUD 420 million, but underlying net profit after tax fell 20% to AUD 27.5 million. Reported net profit declined 24% to AUD 17.8 million, while underlying earnings per share slipped 20% to 8.86 cents. The company’s shares fell 5.15% to AUD 0.935 following the results.
Industrial Access revenue surged 53% organically to AUD 200 million, supported by acquisitions finalized late in FY2025. Second-half formwork revenue reached AUD 66.7 million, the highest half-year result in company history and a 26% increase over the first half. Gross profit margin remained robust at 82.8% for the last twelve months, though EBITDA was broadly flat year over year. The Industrial Access division generated an 18% EBITDA margin, compared with 42% in Construction Services.
Net debt rose to AUD 133 million as of June 30, up AUD 9.8 million from the prior period. The net debt-to-EBITDA ratio stood at 1.9 times before a post-year-end capital raise, which management indicated would reduce leverage to about 1.6 times. The company declared a final dividend of 1.42 cents per share, bringing the full-year dividend to 3.42 cents, maintaining a 5.1% yield.
Acrow’s outlook for FY2027 includes revenue guidance of AUD 390 million to AUD 450 million and EBITDA of AUD 100 million to AUD 120 million. Underlying net profit is expected to rise more than 50%, with underlying EPS projected to increase by more than 20% despite a 32% increase in shares outstanding following the capital raise. Industrial Access revenue is forecast to reach about AUD 280 million in FY2027, while net debt-to-EBITDA is projected to decline to around 1.3 times by year-end.
CEO Steven Boland highlighted the company’s transformation since its April 2018 listing, when it reported AUD 70 million in turnover and AUD 10 million in EBITDA as a commercial scaffolding business. "This is the year that Acrow's EBITDA starts to lift again after three years of stagnation," Boland said. COO Matt Caporella emphasized the company’s focus on innovation and proprietary solutions as key differentiators in its formwork and industrial access segments.
