Kordia Group Full Year Results Announcement FY25

KORDIA GROUP POST FULL YEAR RESULTS 

Kordia has today announced its results for the financial year to June 2025, with the company delivering stable revenue and EBITDA. Highlights from the year include:

•    Revenue of $146m
•    EBITDA of $23m, up 32.8%
•    Net profit after tax of $5m, up 1365% on FY24
•    Strong contribution from the Maritime division, with key contracts re-signed
•    Stable performance from the Media business, including a renewed contract with TVNZ
•    Key contracts successfully secured for the field engineering team
•    Positive results for cloud services despite a competitive market

Kordia’s Chair Sophie Haslem says the results show Kordia’s transformation programme is taking the business in the right direction.

“Following a particularly challenging result in the prior year, Kordia undertook a significant transformation to improve operations, efficiency, and financial sustainability.

These changes are ensuring Kordia continues to remain an innovative technology leader in New Zealand for the years ahead.” 

In light of the year’s performance, the Board has declared a dividend to the crown of $2,484,000.

Performance Highlights
The Maritime division stood out with strong revenue and EBIT contribution. Building on a successful partnership with the Australian Maritime Safety Authority (AMSA), the highlight was a new contract to support AMSA’s Aids to Navigation network. This work underscores the important role Kordia plays in providing critical communications to an area covering almost a quarter of the world’s oceans.

Kordia also re-signed a major contract with Maritime NZ to deliver safety of life at sea radio communications for another decade in New Zealand. The renewed contract sees Kordia continuing to operate the Maritime Operations Centre and maintain the VHF radio network, as well as upgrading and refreshing the service’s infrastructure and technology.

“We’re proud to have provided this critical connectivity service for more than 30 years, enhancing the safety of people at sea,” says Haslem.

Kordia’s media division continues to deliver consistent revenue, and the business plays a valuable role in ensuring equity of access to free-to-air TV and radio through robust and reliable broadcast services. In April, Kordia played a pivotal role supporting Freeview broadcasters to migrate to a new satellite solution.
A robust schedule of sporting and live events, such as the Te Matatini broadcast and Summer of Cricket, led to an active year for Kordia’s Mobile Media division, providing linking services for both local and international broadcasters. 

Kordia’s field engineering team successfully pitched for key contracts to design, build, and maintain critical infrastructure across New Zealand and the Pacific. This includes a competitive contract to design and build a Distributed Antenna System for Christchurch’s One NZ Stadium at Te Kaha, enhancing mobile connectivity and coverage for the new venue.

Kordia has also cemented its leadership in cyber security, cloud, and connectivity services, winning the iSANZ ‘Cyber Security Company of the Year’ award.

While cyber managed service revenues remained broadly flat year-on-year, reflecting a competitive market, better integration of consulting teams saw profits lift in the last two quarters. The business captured growing demand for cloud services, with revenues lifting 21% year-on-year. Connectivity continued to present challenges in FY25 in a highly competitive market where renewing contracts proved difficult. 

In August 2024, Kordia finalised the divestment of its joint venture with Tait Communications. Kordia continues to work on the Public Safety Network in its new role as a subcontractor and has delivered several key sites for the project this year. 

Management and Transformation 
In January 2025, the board formally appointed Neil Livingston as Chief Executive Officer after nine months as Acting CEO.  

Livingston brings more than 30 years’ global experience in the technology industry. He is well prepared for the role, having been on the Kordia board over the previous two years. He has previously held Corporate Officer roles at leading organisations including Ericsson, Vend, Foodcap, Endace, and Provenco Cadmus. Most recently he was CEO at Pingar.

Livingston has led the business through its transformation, realigning the business and strategy with an emphasis on improving profitability and enhancing operational efficiencies. Costs associated with transformation totalled $1.7m in FY25, which Haslem says the board sees as an investment to set the business up for long-term success. 

“Under Neil’s leadership, the business has undergone a successful strategic realignment and achieved a more robust financial position,” says Haslem.

Outlook
With its transformation nearing a successful conclusion, Kordia is in a great position to combine its track record with its innovative expertise to continue growing performance across the organisation. Over the next 12 months, Kordia plans to pursue new opportunities within its core network and infrastructure business, as well as create innovative AI- and cloud-driven solutions that bring together cyber security, cloud, and emerging technologies.

Haslem concludes: “This year represented a turning point for Kordia. With the transformation setting a new tone for the business, early results suggest Kordia is on a positive trajectory and in a much-improved position to create value for customers, shareholders, and New Zealanders.

"We’re excited to see Kordia’s renewed strategy set the course for long-term sustainable growth, grounded in operational excellence.”

On behalf of the board, 
Sophie Haslem
Chair - Kordia Group