XRF Scientific has reported a solid half-year performance, with revenue climbing 9.1% to $31.3 million and net profit after tax up 6%, driven by strong demand in mining and a standout Precious Metals division.
- Revenue increased 9.1% to $31.3 million
- Net profit after tax rose 6% to $5.3 million
- Precious Metals division profit before tax surged 49%
- International sales growth supported by new India office
- No interim dividend declared; full-year dividend policy maintained
Strong Half-Year Growth Amid Mining Sector Demand
XRF Scientific Limited has delivered a robust financial performance for the half-year ended 31 December 2025, reporting a 9.1% increase in revenue to $31.3 million and a 6% rise in net profit after tax to $5.3 million. This growth reflects sustained demand from mining and industrial customers, with the company’s strategic focus on international expansion beginning to bear fruit.
Precious Metals Division Leads Profit Surge
The standout performer was the Precious Metals division, which saw profit before tax jump 49% to $2.5 million. This surge was largely driven by soaring platinum prices, which climbed over 130% during 2025, boosting margins on both new product sales and recycling services. Despite some cautious purchasing in the latter quarter due to price volatility, the division implemented new production technologies to mitigate cost pressures, allowing customers to maintain quality at lower platinum weights.
International Expansion and Product Innovation
International sales continue to grow, supported by the opening of a new office in India, which is expected to accelerate market penetration. The company’s cross-selling strategy is gaining momentum, with customers increasingly purchasing multiple products across divisions. Newer offerings like the xrTGA and Orbis instruments have been well received, with repeat orders from major global companies signaling growing market share. The launch of next-generation xrFuse instruments also positions XRF Scientific well for future growth.
Financial Position and Dividend Outlook
XRF Scientific’s balance sheet remains solid, with cash reserves of $12.1 million and a low debt level of $1 million as of December 2025. The company prudently repaid its remaining platinum loans early in the half to avoid high interest costs. Operating cash flow improved significantly to $6.4 million, reflecting efficient working capital management. The Board has maintained its policy of paying one dividend annually, with no interim dividend declared this period; shareholders will await the full-year results for dividend decisions.
Looking Ahead
With a strong foundation in place, XRF Scientific is focusing on international sales growth, continued product innovation, and potential mergers and acquisitions to drive momentum in the second half of 2026. The company’s ability to navigate commodity price volatility and capitalise on emerging markets will be key to sustaining its upward trajectory.
Bottom Line?
XRF Scientific’s half-year results set a confident tone for 2026, but platinum price swings and global market dynamics will test its growth ambitions.
Questions in the middle?
- How will XRF Scientific manage demand volatility linked to fluctuating platinum prices?
- What impact will the new India office have on international sales growth in the coming quarters?
- Are there specific M&A targets aligned with the company’s expansion and product development strategy?