Shriro Holdings Posts $15.3M EBITDA, Revenue Falls 13.6% in FY25

Strategic Shift Drives Mixed Financial Results

Shriro Holdings has delivered a full-year EBITDA of $15.3 million for FY25, outperforming its guidance by 5.5%. This positive earnings surprise comes despite a 13.6% decline in revenue to $103.3 million, largely attributed to the company’s strategic transition from a wholesaler to an importer model in its Seasonal business segment. This shift, while reducing average selling prices and overall top-line sales, has helped lower freight and warranty costs, contributing to improved profitability.

In Europe, the company paused new distributor orders to consolidate its network and clear existing inventory, which also weighed on revenue but is expected to pave the way for stronger future sales. Meanwhile, in the United States, Shriro exited direct operations and transitioned distribution through BBQGuys, successfully clearing 98% of inventory and completing the shift to a capital-light model.

Operational Restructuring and Technology Investment

The FY25 period marked the completion of a significant restructure, including the exit from an agreement with celebrity chef Heston Blumenthal and the disbanding of the China engineering team. These moves align with Shriro’s focus on a leaner, higher-return Seasonal business strategy. The company also launched its new ERP system, Infor M3, on time and within budget, with FY25 IT costs of $1.4 million and anticipated cost savings of approximately $400,000 in FY26 through further optimisation.

Cash reserves declined to $13.9 million from $24.3 million in the prior year, reflecting the company’s $15 million share buy-back program completed during the year. Notably, the Board declared a total dividend of 2.0 cents per share fully franked but withheld a final dividend as it evaluates alternative uses for excess capital.

Looking Ahead, Growth and Innovation

Shriro’s outlook for FY26 is cautiously optimistic, with expectations of EBITDA growth supported by new product launches including the Casio FX1 calculator, a refreshed timepiece range, and three innovative BBQ platforms under the Everdure brand. The recently launched Everdure Blaze Series BBQ, introduced at the SPOGA International Trade Fair, is positioned to capture the ultra-premium segment, particularly in Europe where the launch is planned next year.

The company is also actively expanding its brand portfolio with new additions such as Manhattan Portage and investing in e-commerce capabilities to leverage operational strengths. With the Seasonal business now operating on a capital-light basis globally, Shriro aims to drive global revenue growth while maintaining disciplined capital allocation.

Overall, Shriro’s FY25 results reflect a company in transition, trading short-term revenue softness for longer-term profitability and strategic positioning. The market will be watching closely how these initiatives translate into sustainable growth in the coming year.