PLOVER BAY TECH (Stock Code: 01523) recorded revenue of US$130.14 million for the year ended 31 December 2025, reflecting an 11.4% increase over the previous year. Profit attributable to owners of the parent reached US$45.47 million, compared with US$38.05 million in 2024. The 2025 net profit margin was around 34.9%. Management attributed the performance to demand for connectivity hardware, software, and services across multiple industries, with recurring revenue rising to US$37.60 million and representing 28.9% of total revenue.
North America remained the largest sales contributor, while EMEA, Asia, and other markets also demonstrated notable growth driven by project rollouts and reseller activities. Cost of sales and services was US$56.02 million, leading to a gross profit of US$74.12 million. Management indicated that operating expenses of US$22.12 million largely comprised increased R&D spending—totaling US$10.01 million—and other costs connected to salaries, benefits, and consultancy fees.
As at 31 December 2025, total assets stood at US$118.25 million, compared with US$110.11 million a year earlier. Total liabilities rose to US$59.32 million, and equity attributable to owners stood at US$58.93 million. The Group reported zero bank borrowings, citing comfortable liquidity and cash balances of US$56.26 million. Dividends declared for the year included a second interim dividend, a special dividend, and an interim dividend in aggregate exceeding US$31 million.
In light of further regional differentiation, the Board announced a proposed spin-off of its North American business, with plans for a separate listing on NASDAQ. Post-spin-off, the organization intends to focus on non-North American markets to broaden its connectivity solutions and related services. The Board noted that the proposed transaction aims to align with distinct market conditions and enhance local presence worldwide.
On governance matters, the Board comprises five Executive Directors and three Independent Non-Executive Directors, supported by Audit, Remuneration, Nomination, and Risk Management Committees. These committees oversee internal controls, risk identification, and compliance with the Corporate Governance Code. The Company emphasized that regular internal audits and active risk oversight remain central to sustaining operational resilience. Management stated that no material acquisitions or disposals occurred during the year, and the Group will continue to concentrate on expanding its SD-WAN routers, software licences, and support services in response to evolving market requirements.
Comments