Audience Analytics Limited 1H2025 Financial Results: Revenue Down 18.5%, Net Profit Drops 90.7%, No Dividend Declared for First Half of 2025 4242529

Audience Analytics Limited (SGX: 1AZ): 1H2025 Financial Review

Audience Analytics Limited, a Singapore-based business media and events company, has released its unaudited financial results for the six months ended 30 June 2025. This review provides a structured analysis of the key financial metrics, performance trends, and significant corporate actions, with actionable insights for investors.

Key Financial Metrics and Performance Comparison

Metric	1H2025 (S\$ ‘000)	2H2024 (S\$ ‘000)	1H2024 (S\$ ‘000)	YoY Change	HoH Change
Revenue	3,473	(not disclosed)	4,260	-18.5%	N/A
Gross Profit	1,208	(not disclosed)	2,350	-48.6%	N/A
Profit Before Tax	25	(not disclosed)	1,513	-98.3%	N/A
Net Profit	126	(not disclosed)	1,353	-90.7%	N/A
EPS (Basic, cents)	0.06	(not disclosed)	0.60	-90.0%	N/A
Proposed Dividend (S\$)	None	3,449	2,903	N/A	N/A

Historical Performance Trends

Revenue declined by 18.5% YoY, with both Business Impact Assessment & Recognition and Exhibitions segments seeing significant drops.
Gross profit margin dropped sharply from 55.2% to 34.8% due to lower revenue and higher staff and event costs.
Net profit plunged by 90.7% YoY, primarily due to lower operating leverage and higher administrative expenses.
EPS declined from 0.60 to 0.06 S\$ cents, a direct reflection of the sharp earnings contraction.
No interim dividend was declared for 1H2025, after a final dividend of S\$3.45 million was paid in May 2025 for FY2024.

Balance Sheet and Cash Position

Net asset value per share decreased from 12.73 S\$ cents (end-2024) to 8.11 S\$ cents (30 June 2025), due to dividend payout and lower retained earnings.
Cash and cash equivalents remain robust at S\$19.52 million, though down from S\$21.61 million at year-end, reflecting the sizeable dividend and operating outflows.
Positive working capital of S\$17.40 million at period-end, down from S\$20.83 million at end-2024.
No bank debt; lease liabilities are modest (S\$59k current, nil non-current).

Exceptional Items and Noteworthy Expenses

Administrative expenses rose by S\$0.37 million YoY, with the increase attributed to staff costs, directors’ remuneration, legal and professional fees for M&A, and higher depreciation.
Other operating income in 1H2025 was S\$4,000 (vs. a loss of S\$4,000 in 1H2024), mainly due to favorable FX movements.
A tax credit of S\$0.10 million was recognized, versus a tax expense in 1H2024, due to deferred tax assets related to contract liabilities.
Share-based payments for SPRINT awards resulted in the issuance of 2.24 million new shares and a bonus issue of ~56.9 million shares.

Corporate Actions and Significant Events

On 15 May 2025, the company subscribed for a 30% stake in Vietnam-based Snowball JSC (S\$0.87 million), expanding into Vietnam’s management consultancy/events market.
On 11 July 2025, subsidiary Business Media International Sdn. Bhd. agreed to acquire a 30% stake in VeecoTech Holdings Sdn. Bhd., Malaysia (up to S\$1.63 million), with an option for a further 21%. VeecoTech focuses on software, AI web portals, and digital content/advertising.
No share buybacks, treasury shares, or related mandates. No major asset revaluations or divestments.
No significant legal disputes or mention of natural disasters affecting operations.

Chairman’s Statement

“Although revenue declined in 1H2025, it is important to recognise that this period is historically weaker than the latter half of the year. Looking ahead, we anticipate a stronger performance in 2H2025 compared to 1H2025, with several larger events scheduled that are expected to support the Group’s revenue for the remainder of the year.

In June 2025, the Group introduced the Vietnam Career & Training Fair (“VCTF”) 2025, an annual event aimed at professionals and graduates. The VCTF represents part of the Group’s entry into the Vietnamese market, drawing on experience from organising similar events in Malaysia, including the Malaysia Career & Training Fair (“MCTF”) and Mega Career Fair.

During the period, the Group entered into a share subscription agreement to subscribe for a 30% stake in Snowball Joint Stock Company (“Snowball JSC”), a current business partner involved in organising award events in Vietnam. The Group has also entered into a share purchase agreement to acquire a 30% stake in VeecoTech Holdings Sdn. Bhd. (“VeecoTech”), with an option to acquire a further 21% stake. VeecoTech is an investment holding company with three wholly owned subsidiaries focused on (i) software and applications development, (ii) AI-enabled web portals and digital solutions, and (iii) advertising and content production services. These acquisitions are intended to support the Group’s regional presence and digital capabilities.

The Group acknowledges the impact of ongoing tariff disputes and geopolitical uncertainties and will maintain a proactive approach in managing its operations, with a focus on achieving both organic and inorganic growth in the long run. The strength and reputation of the Group’s established brands, which have substantial market presence across multiple regions, will continue to provide a buffer against potential business disruptions.”

Tone: The Chairman’s statement is cautiously optimistic, highlighting a weak first half but expressing confidence about a stronger second half and the value of recent expansions into Vietnam and digital businesses.

Outlook

The company expects a stronger 2H2025, supported by a pipeline of major events and regional expansion, particularly in Vietnam.
Management remains alert to macroeconomic and geopolitical risks, but believes its brands and digital investments provide resilience.
No dividend is proposed for 1H2025; the Board prefers to recommend dividends based on full-year results.

Conclusion and Investment Recommendations

Overall Assessment: The 1H2025 results are weak, with sharp declines in revenue, margins, and profit, driven by timing of events, higher costs, and broad industry challenges. However, the company remains well-capitalized with a solid cash balance, no significant debt, and is actively investing for growth in Vietnam and digital solutions. The outlook for 2H2025 is more positive, but recovery is dependent on successful event execution and stabilization in key markets.

For Current Shareholders:

Hold: Despite disappointing 1H2025 results, the company’s strong cash position, absence of debt, and expansion efforts provide a foundation for recovery in the second half. If you can tolerate short-term volatility, holding may be justified pending 2H2025 results.

For Potential Investors (Not Currently Holding):

Wait: Given the steep YoY decline in profitability and lack of interim dividend, it would be prudent to wait for confirmation of turnaround in 2H2025 before initiating a position. Monitor the company’s execution of its Vietnam strategy and the performance of upcoming major events.

Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Please consult your own financial advisor before making any investment decisions. The recommendations above are based solely on the data and commentary provided in the company’s 1H2025 financial report.