StepChange Consultants has exceeded its FY25 prospectus forecasts, delivering higher revenue and EBITDA alongside robust headcount expansion, setting a promising stage for FY26 growth.
- FY25 revenue of $42.53 million beats prospectus forecast
- EBITDA excluding significant items rises to $4.02 million
- Billable consultants grow to 161, surpassing target of 143
- Acquisition completed post-FY25 and ASX listing in July 2025
- Strong client demand evident in final quarter headcount surge
Strong Financial Performance Exceeds Expectations
StepChange Consultants Pty Ltd, recently acquired by StepChange Holdings Limited, has reported unaudited FY25 financial results that outperformed the forecasts laid out in the company’s June 2025 prospectus. With revenue reaching $42.53 million, slightly above the $42.19 million forecast, and EBITDA excluding significant items at $4.02 million compared to the predicted $3.94 million, the business has demonstrated operational resilience and efficiency.
These results are particularly notable given the timing of the acquisition, which was completed after the fiscal year ended, and the company’s successful listing on the ASX in July 2025. The reported figures exclude the corporate and transaction costs associated with the listing and acquisition, which will be reflected in the forthcoming audited consolidated accounts.
Headcount Growth Signals Robust Demand
Beyond the financial metrics, StepChange Consultants has expanded its workforce of billable consultants to 161 by June 30, 2025, surpassing the prospectus target of 143. This increase, largely achieved in the final quarter, underscores strong client demand for the company’s consulting services, particularly in ERP transformation and implementation solutions.
Maintaining this headcount level post-year-end provides a solid operational foundation as StepChange enters FY26, positioning the company well to capitalize on growth opportunities in the professional services sector.
Strategic Outlook and Market Position
StepChange’s Managing Director Shane Bransby highlighted the significance of these results, noting the challenge of achieving such performance amid the complexities of acquisition and listing activities. The company’s focus on ERP consulting, leveraging SAP software modules, aligns with broader market trends toward digital transformation and business process optimization.
Looking ahead, the company’s growth strategy will be closely watched as it integrates StepChange Consultants fully and seeks to build on this momentum. The upcoming release of audited FY25 consolidated financials will provide further clarity on the impact of acquisition-related costs and overall group performance.
Bottom Line?
StepChange’s strong FY25 results and headcount growth lay a promising foundation, but investors await audited consolidated accounts to gauge full-year impact.
Questions in the middle?
- How will acquisition and listing costs affect StepChange Holdings’ consolidated FY25 profitability?
- Can StepChange sustain or accelerate headcount growth amid competitive consulting markets?
- What specific client sectors or projects are driving the surge in demand for StepChange’s ERP services?