Why Is Ainsworth’s Profit Slipping Despite Revenue Growth in FY25?

• FY25 underlying profit before tax expected at $21.5 million, down from $23.2 million in FY24
• Second half profit forecast drops to $7.6 million from $13.9 million in first half
• Revenue up 9% year-on-year, but H2FY25 revenue down 11% from H1FY25
• North American revenue declines 20% in H2FY25 due to sales timing and lower participation