MetService half year results announcement (FY 2024)

The Directors announce an operating profit of $729,000 for the six-month period ended 31 December 2023.

It has been a challenging first half of the financial year with a weaker than expected New Zealand economy and inflationary pressures increasing the cost base and impacting our result. We are anticipating a better second half of the financial year with improving conditions in the advertising sector and conversion of international opportunities.

Revenue increased by $1.43 million (4.4%) over the same period in the last financial year, due to a strengthened aviation sector and an uplift in our Ministry of Transport contract. This has been offset by lower revenue than anticipated from advertising on our digital platforms and from business-to-business customers.

Costs increased by $1.89 million over the same period in the last financial year, mainly due to inflationary cost increases.

The gearing ratio at 31 December 2023 was 24.8%.

As New Zealand’s trusted provider of weather warnings and forecasts, MetService continues to deliver huge value to the country. Through our expertise, observation network, connections, and channels we support the safety and resilience of New Zealanders in the changing climate