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KORDIA GROUP LIMITED |
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Results for announcement to the market |
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Reporting Period |
6 months to 31 December 2025 |
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Previous Reporting Period |
6 months to 31 December 2024 |
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6 months to 31 Dec 2025 (NZD’000) |
6 months to 31 Dec 2024 (NZD’000) |
Percentage change |
| Revenue from ordinary activities |
70,980 |
72,909 |
(2.6%) |
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Earnings before interest, tax, depreciation and amortisation (EBITDA) |
9,540 |
9,183 |
(3.9%) |
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Profit/(loss) after tax from continuing operations |
1,096 |
681 |
(60.9%) |
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Kordia has today announced its results for the half year ended 31 December 2025, with the company delivering stable revenue and EBITDA. Highlights from the year include:
Kordia Chair, Sophie Haslem, says the results reflect the stability of Kordia’s long-term contracted work, and good cost management in a period of tough economic conditions. “Kordia has achieved a pleasing result for the first half of FY26, with profits ahead of budget. Both the Maritime and Media divisions have stood out in terms of performance,” says Haslem. The Board has declared an interim dividend in line with policy. While the market continues to present challenges for all businesses, Haslem says Kordia’s transformation over the past twelve months has seen the business operating more efficiently and effectively, with greater purpose and clarity on its core business. “Kordia’s strength lies in keeping New Zealand and its customers safe and connected through the design and provision of critical communication networks and consulting. While the transformation of the business will continue to ensure Kordia is best placed to deliver those services, the current performance reflects a pleasing trajectory.” Business performance The standout performance for the company was the Maritime division, which continued to deliver revenues and profits ahead of budget. Key projects included the delivery of a new technology platform for radio communications for the Maritime Operations Centre and Coastguard NZ. Continued activity for the Australian Maritime Safety Association (AMSA) to deliver technical support and logistic services for its Aids to Navigation network has also contributed to a positive performance. Haslem says: “Kordia has supported the Maritime industry with critical communications for three decades, and the business continues to support the sector with best-in-class technology as it evolves.” The Media division continues to outperform expectations, underpinned by sustained revenue growth from broadcast contracts. Favourable project timing and lower compliance costs further supported results. A new partnership with global streaming provider Arqiva was launched in October, presenting Kordia with an enhanced portfolio of cloud and streaming support services to expand its offering to broadcast and content customers. Kordia’s field and infrastructure engineering was active, driven by a good pipeline of new mission-critical projects, including the delivery of a Distributed Antenna System for Christchurch’s One NZ Stadium at Te Kaha, and site build project work for major mobile networks. Delays associated with the Public Safety Network project have resulted in lower-than-expected revenues and EBIT. Growth in cyber security, connectivity and cloud has been challenging in a competitive market. Customer churn and slower than expected growth in managed services has been partially offset by improved labour efficiency and cost management. As this business continues to transform, focus is on building stronger recurring revenue to ensure sustainable growth. Transformation Kordia’s transformation project has continued throughout the first half of FY26, to ensure Kordia has an appropriate level of capability, capacity, internal controls and systems to effectively deliver on its strategy and manage risks. As part of its transformation, Kordia divested a small part of its business, known as Managed IT, to sharpen focus on its core business areas. Fusion5 acquired this business, which provided some outsourced IT services, such as service desk support and IT procurement capabilities. 25 staff moved across to Fusion5. Kordia is now well into the final and the most challenging stage: Business Transformation Execution. This focuses on the ‘how’ of executing the change and the strategy at an operational level. “As Kordia positions itself for the future, we are making deliberate decisions to focus our energy and resources on the areas we excel in, and where we can deliver the most value, such as specialised professional services in the cloud and cyber security space,” says Haslem. Our People Kordia employs just over 400 people, encompassing a wide range of skillsets and experience. Health and safety remain a top priority for Kordia and are firmly embedded in the company’s ethos, with the board providing active oversight of performance and risk in this area. Ensuring all employees remain safe at work continues to be a core focus across the organisation. Kordia’s Total Recordable Injury Frequency Rate (TRIFR) was 6.5 over the last 12 months. This reflects improved identification and reporting following a comprehensive review of Kordia’s systems, including the capture of previously unreported incidents. The board and leadership team remain committed to the ongoing improvement of quality, risk reduction and health and safety practices and procedures. Ensuring Kordia attracts and retains diverse talent is also important, and to that end the business has maintained its criteria for the Gender Tick, validating the company’s commitment to building an inclusive workplace for all genders. Outlook Haslem says Kordia is in a stronger position to execute on its strategy, with renewed focus on its core business. “Kordia has shifted to a more efficient, effective business model. As the business continues to execute on its transformation strategy, the board expects to see the company in a stronger position to capture growth. As a trusted provider of secure connectivity and technology services, the outlook sees Kordia growing recurring revenue in cyber security and cloud services, while expanding innovative offerings for customers in media, maritime and field engineering.” |