Intelligent Monitoring Group Limited has significantly reduced its half-year loss while increasing revenue and adjusted EBITDA, driven by organic growth and key acquisitions in Australia and New Zealand.
- Half-year loss narrowed to $2.43 million from $9.07 million
- Revenue rose 21.3% to $98 million, aided by acquisitions and organic growth
- Adjusted EBITDA improved to $19.2 million, reflecting margin gains and lower finance costs
- Completed $20 million capital raising to fund acquisitions and working capital
- Acquisitions of Western Advance Pty Ltd and BNP Securities expanded market footprint
Strong Financial Turnaround
Intelligent Monitoring Group Limited (IMG) has reported a marked improvement in its financial performance for the half-year ended 31 December 2025. The company narrowed its loss after tax to $2.43 million, a significant reduction from the $9.07 million loss recorded in the same period last year. This turnaround was underpinned by a 21.3% increase in revenue to $98 million, reflecting both organic growth and the contribution of recent acquisitions.
Adjusted EBITDA rose to $19.2 million, up $1.75 million from the prior year, signalling improved operational efficiency and margin enhancement across its Australian and New Zealand security monitoring businesses. The company attributes this to margin improvements in its ADT operations and the positive impact of refinancing, which reduced finance costs by over $5 million.
Strategic Acquisitions Bolster Growth
IMG’s growth strategy has been bolstered by the acquisitions of Western Advance Pty Ltd (WAPL) and BNP Securities Pty Ltd (BNP), completed in September and October 2025 respectively. WAPL, a leading security provider in Western Australia’s oil and gas sector, and BNP, a provider of manpower and patrol-based security services, have expanded IMG’s footprint and service offerings. Both acquisitions are expected to be immediately earnings accretive, supporting the company’s push into video-led monitoring solutions.
Additionally, IMG finalised prior acquisitions of DVL and KOBE, integrating their assets and customer contracts, which contributed $15.5 million in revenue during the period. The company also announced a significant NZ$45 million acquisition of BlueSky Holdco Limited, further strengthening its New Zealand presence.
Capital Raising and Financial Position
To support its acquisition strategy and working capital needs, IMG completed a $20 million capital raising in December 2025. The Group’s balance sheet strengthened with net assets rising to $49.7 million, up from $32.1 million at the previous year-end. Operating cash flow improved substantially, with net cash from operating activities reaching $7.39 million, compared to $1.92 million in the prior period.
IMG maintains a robust financing structure with an $85 million senior debt facility from National Australia Bank, underpinned by strong covenant compliance. The company’s interest cover ratio stands at 5.7 times, comfortably above the required 4.0 times, and gross leverage at 2.7 times, below the 3.25 times covenant threshold.
Focus on Innovation and Market Leadership
IMG continues to lead innovation in the security sector, particularly through its video-first monitoring initiatives such as the ADT Guard video strategy and Signature Partner Program. These initiatives aim to transform traditional alarm monitoring into proactive, real-time video surveillance with automated alerts and immediate verification, setting new industry standards.
With over 210,000 customers across Australia and New Zealand, IMG’s integrated security and IoT solutions are positioned for further growth. The company’s commitment to technology, customer service, and strategic acquisitions underpins its vision to become the leader in professional security services in the region.
Bottom Line?
IMG’s improved financials and strategic acquisitions set the stage for a stronger market position, but investors will watch closely how integration and innovation translate into sustained profitability.
Questions in the middle?
- How will the recent acquisitions impact IMG’s long-term profitability and integration costs?
- What are the prospects and timelines for scaling the video-led monitoring services across new markets?
- How might upcoming sustainability reporting requirements affect IMG’s operational and financial disclosures?