HSN +10.88%: Provided a trading update today, highlighting improving earnings amid a mildly softer headline revenue number.
- FY25 Underlying earnings are now expected to be A$110–112 million (up 19–21% YoY) up from $92-$101 million.
- FY25 revenue revised down to A$391–393 million, down from A$398–405 million.
The earnings uplift has been driven by cost discipline, operational efficiencies, and earlier-than-expected profitability from German-based Powercloud, acquired back in February. The 3% softer revenue guidance isn’t a long-term issue given it was primarily related to project timing and customer-related delays at the back end of the FY so will be pushed through to FY26 not to mention the revised figure still implies 11% YoY growth from FY24.
MM remains long and bullish HSN
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