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ANNUAL REPORT 2025
Annual Financial Statements 30 June 2025
Acumentis Group Limited (ASX: ACU)
ABN 50 102 320 329
ACUMENTIS
Property and
Business Valuation,
Australia wide
Your local, Australian owned property and business valuation experts.
From Byron to Denham, Bamaga to Dover, and everywhere in between.
ACUMENTIS.COM.AU
2025
Mt Sonder lookout at sunset, Central Australia
FY—
2025
Shark Bay Western Australia
1. INTRODUCTION
Chairman’s Report............................................. 10
CEO’s Report...................................................... 12
2. FINANCIAL STATEMENTS
Directors’ Report............................................... 18
Auditor’s Independence Declaration................ 35
Statement of Profit or Loss and Other
Comprehensive Income.................................... 36
Statement of Financial Position........................ 37
Statement of Changes in Equity........................ 38
Statement of Cash Flows.................................. 39
3. NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
How the Numbers are Calculated..................... 42
Revenue............................................................. 42
Material Profit or Loss Items............................. 43
Other Income and Expense Items.................... 43
Income Tax Expense......................................... 44
Financial Assets and Liabilities......................... 45
Non Financial Assets and Liabilities................. 51
Equity................................................................. 63
Other Reserves.................................................. 64
Cash Flow Information...................................... 65
4. RISK
Significant Estimates & Judgements................ 67
Financial Risk Management.............................. 67
Capital Management......................................... 72
5. GROUP STRUCTURE
Business Combinations..................................... 77
Interests of Other Entities................................. 79
6. UNRECOGNISED ITEMS
Contingent Liabilities......................................... 81
Commitments.................................................... 81
Events occurring after the
reporting period................................................. 81
7. OTHER INFORMATION
Related Party Transactions............................... 83
Share-based Payments..................................... 84
Remuneration of Auditors................................. 87
Earnings Per Share............................................ 86
Parent Entity Financial Information.................. 89
Going concern.................................................... 89
Summary of Significant
Accounting Policies........................................... 89
8. CONSOLIDATED ENTITY DISCLOSURE
STATEMENT
Consolidated Entity Disclosure Statement....... 95
9. DIRECTORS’ DECLARATION
Directors’ Declaration....................................... 97
Independent Auditor’s Report.......................... 98
ASX Additional Information............................. 102
TABLE OF CONTENTS
Introduction
ASX:ACU FY24-25
Pg 7
Acumentis Annual Report 2025
ACUMENTIS 2025 ANNUAL REVIEW
At Acumentis, we remain proud to be a service-focused, people-centric organisation. Our priority is to deeply
understand our clients’ goals and provide trusted advice that empowers them to move forward with confidence.
Our people-first culture and the tangible outcomes we deliver continue to set us apart, driving enhanced client
satisfaction while also attracting and retaining the industry’s top talent. With a focus on quality, innovation, and agility,
we continually challenge ourselves to evolve and adapt in an ever-changing and competitive market.
Expanding Reach & Services
Acumentis’ diversification strategy continues to strengthen and mature. Several years ago, we identified over-reliance
on mortgage finance valuations as a business risk, leaving the company exposed to property market cycles and fee
pressure.
By prioritising service diversification, investing in upskilling, and recruiting strategically, we have successfully reshaped
our business. Today, non-mortgage related services represent more than 45% of total revenue, demonstrating
consistent progress in building resilient and sustainable income streams.
Growth has been driven by expanding our Projects & Infrastructure, Asset Advisory, and Business Valuations divisions,
along with increasing demand for services across the Self-Managed Super Fund (SMSF) and Family Law sectors.
Looking ahead, we remain committed to strengthening these markets while identifying new opportunities that align
with our expertise and values.
Our People, Our Strength
The success of Acumentis is powered by the enthusiasm, expertise,
and client-focused commitment of our people. Guided by our
values, our “compass” shows every decision and action is aligned
with the principles that shape our culture and performance.
Our Guiding Principles are:
•
Never Quit
•
Embrace Equality of Opportunity
•
Support Our People & Clients
•
Walk the Talk
SMSF
ASSESSMENTS
FAMILY LAW
SERVICES
ACQUISITION
& COMPENSATION
ASSET ADVISORY
INC. PLANT & EQUIPMENT
piggy-bank
scale-balanced
utility-pole-double
industry-windows
Pg 8
Acumentis Annual Report 2025
Making A Difference In Our Communities
Giving back remains central to who we are. Through our “Acumentis Caring for a Cause” program, we continue to
support a wide range of charities and community initiatives. Our people also play a strong role, with many team
members participating in fundraising events and championing causes close to their hearts. In 2025, Acumentis
increased its direct contribution to local initiatives, further strengthening our community impact.
Quality, Safety & Trust
Acumentis remains unwavering in its commitment to quality, safety, and security for our clients, stakeholders, and
people. We are proud to continue holding and expanding internationally recognised certifications:
These certifications reinforce our promise to deliver trusted, safe, and high-quality outcomes, ensuring confidence in
every interaction with Acumentis.
Pg 9
Acumentis Annual Report 2025
Pg 9
Acumentis Annual Report 2025
It is with pleasure I present my Chairman’s report for the
FY25.
The last financial year saw a further improvement in the
financial results of the business as the strategies pursued
for several years continue to benefit the business. We
have seen operating revenues grow by 4% year on year,
resulting in operating profit increase by 35% and PBT
increase by 13%.
With the continued improvement in profits, we are pleased
to declare a final dividend of 0.22 cents per ordinary
share. Whilst our profits indicate capacity for an increased
dividend, the Board is focused on further investment in the
company to deliver continued growth and diversification in
revenue. We remain committed to improving profitability
while reducing operating costs as a percentage of turnover.
We believe these investments will position us to deliver
greater returns to our loyal shareholders in the near future.
These results are the culmination of many years of
hard work by the directors, executive management and
employees. They also confirm the strategies in place
continue to strengthen and grow the business.
Our strategy to continually diversify our services and
products has driven growth in revenues from non-
mortgage related areas. To sustain this momentum, we
must continue to innovate by anticipating the needs of
today’s customers while also preparing for the customer
of tomorrow. We believe the mortgage market will become
increasingly competitive, making diversification and
innovation essential to our long term success
Most economists expect modest improvement in economic
conditions throughout Australia in FY26, supported by
easing inflation and anticipated interest rate cuts. While
global uncertainty and trade tensions remain key risks, the
Australian economy is projected to strengthen over the
coming year. The Company is well-positioned to benefit
from this outlook, with its diversified revenue base, strong
market presence, and continued focus on disciplined cost
management and strategic growth initiatives, all of which
provide a solid foundation for sustained profitability.
Taxation policy relating to self-managed super funds
(SMSFs) is also expected to drive demand for both
valuation services and depreciation schedules. These
requirements are increasingly being mandated by trustees
and auditors. Acumentis has strengthened its capability
in this area, now conducting depreciation work in-house.
This assists with margin improvement and greater control
over service delivery.
Population growth, supported by net overseas migration
continues to place upward pressure on housing demand,
particularly
in
Sydney,
Melbourne
and
Brisbane.
Government initiatives to address housing supply,
including build-to-rent and social infrastructure programs,
are expected to generate new valuation and advisory
opportunities as projects move through feasibility and
financing stages.
The Company’s national footprint, and ongoing investment
in technology - including increasing use of AI - position it
strongly to respond to these dynamics. While challenges
remain, I believe the combination of improving credit
conditions, refinancing activity, and structural demand for
housing will underpin heightened levels of property advice
and valuation activity through FY26. In parallel, we will
maintain a strong focus on recruiting skilled executives to
deliver high quality valuation and advisory services to our
clients across financial institutions, corporate & private
clients and, of course, government entities.
As we look ahead to the new financial year and beyond,
with a clear focus on growth and on continuing to reward
our shareholders, I would like to thank our senior
leadership team, my fellow directors, all the Acumentis
staff, our clients and our shareholders for their hard work,
commitment and ongoing support of the business.
Keith Perrett
Acumentis Chairman
Pg 10
Pg 10
Acumentis Annual Report 2025
Chairman’s Report
Pg 11
Acumentis Annual Report 2025
Pg 12
Acumentis Annual Report 2025
Dear Shareholders,
I am pleased to present my FY25 CEO report to shareholders following a year in which we have delivered a 35%
increase in underlying profit from $1,260k in FY24 to $1,701k in FY25. This is a result of the strategies we have
implemented and executed over the last 2 years, including continuous diversification into higher margin revenue
services, as well as a continued focus on costs and operational efficiency.
Revenue Growth & Diversification
Part of our Strategic Plan is to grow our alternate revenue services, whether that be tax depreciation, the self-
managed super fund market, increasing our quantity surveying business or on general consultancy work.
Over the last 5 years we have grown our revenue from our FY21 base, and in FY25 we continued to grow our top line
revenue, delivering a 3.4% increase from FY24 of $56.2M to $58.1M in FY25.
CEO’s Report
REVENUE GROWTH
Pg 13
Acumentis Annual Report 2025
Pg 13
Acumentis Annual Report 2025
“
I would also like to thank our many clients across all
sectors who continue to engage with Acumentis, allowing
Acumentis to deliver decision certainty and valuable
services in support of their business success.
Pg 14
Acumentis Annual Report 2025
This increase has been most notable across our corporate and private work which has grown by approximately 16%
from $17.5M in FY24 to $20.1M in FY25. This growth has offset a small reduction in our government work, which was
the result of the NSW Government choosing to take various rating and taxing valuation contracts inhouse, we don’t
expect this to affect our other Government contracts
This increase in corporate and private work has been actively targeted as part of our diversification strategy, which
we will continue to pursue and expand over the coming years.
Quantity Surveying Services
An outcome we are particularly pleased to have delivered on is internalising our tax depreciation and quantity
surveying business work. Historically, we have worked with a partner to outsource this work, however in late 24/25
we have brought this service inhouse by employing our own team. This will not only help drive future profitability,
but it will improve processes and increase efficiency, meaning we can provide a better service to our clients going
forward.
Market Outlook
With signs that inflation is easing, there is an anticipation that interest rates will fall, and based on this we expect
market conditions, subject to factors around global uncertainty and trade issues, to improve in FY26.
We expect stronger revenue through a combination of growth in our diversified business lines, as well as a pickup in
residential and commercial instructions as interest rates ease and activity increases accordingly.
As our industry changes, we continue to look for opportunities to support our revenue and PBT growth, not only
in our traditional valuation business but also in our new diversified business lines including tax depreciation, land
acquisition and ESG services.
CORPORATE & PRIVATE
Pg 15
Acumentis Annual Report 2025
Conclusion
As we finish our reporting for FY25, I would like to take this opportunity to personally thank our Board of Acumentis
Directors, our senior leadership team, and the talented, dedicated, hardworking and supportive team of employees
across Australia.
As a business we are only as good as our people and I thank you all for everything you do and your ongoing
commitment, despite the pressure and constant changing nature of our industry, and for your care and support of
our clients.
I would also like to thank our Chairman, Keith Perrett, who is a great supporter and strong believer in the business.
To all our clients across Australia, both new and old, thank you for working with us and trusting us to assist you
with your property needs and for allowing us to provide decision certainty in support of your business and personal
property decisions.
Finally, I want to express my continued appreciation of our Shareholders and for your support. I look forward to
continuing to reward this support through increasing profits, dividends and share price into the future.
Timothy Rabbitt
CEO
Financial Statements
ASX:ACU FY24-25
Pg 16
Acumentis Annual Report 2025
Pg 17
Acumentis Annual Report 2025
TABLE OF CONTENTS
Directors’ report....................................................................................................................................................... 18
Remuneration Report – audited.............................................................................................................................. 25
Auditor’s independence declaration....................................................................................................................... 35
Consolidated statement of profit or loss and other comprehensive income......................................................... 36
Consolidated statement of financial position.......................................................................................................... 37
Consolidated statement of changes in equity......................................................................................................... 38
Consolidated statement of cash flows.................................................................................................................... 39
Notes to the consolidated financial statements..................................................................................................... 40
How the numbers are calculated............................................................................................................................. 42
Risk .......................................................................................................................................................................... 66
Group structure........................................................................................................................................................ 76
Unrecognised items................................................................................................................................................. 80
Other disclosures..................................................................................................................................................... 82
Consolidated entity disclosure statement.............................................................................................................. 94
Directors’ declaration............................................................................................................................................... 86
Independent auditor’s report to the members....................................................................................................... 98
ASX additional information....................................................................................................................................102
Pg 18
Acumentis Annual Report 2025
DIRECTORS’ REPORT
The Directors present their report together with the financial report of the Consolidated Entity, being Acumentis
Group Limited (“the Company”) and its controlled entities, for the year ended 30 June 2025 and the auditor’s report
thereon.
Directors & Company Secretary
The Directors & Company Secretary of the Company in office at any time during or since the end of the financial year
are:
Keith Perrett
Independent Director
Chair of the Board
25/05/18 – current
Non-Executive Director
01/02/18 - current
Audit & Risk Committee
22/02/18 – 21/11/19
21/02/21 – 22/04/21
06/12/24 - current
Chair of Audit & Risk Committee
08/11/22 – 31/01/24
People & Culture Committee
22/02/18 – 21/11/19
21/02/21 – 22/04/21
08/11/22 – 14/12/23
06/12/24 - current
Chair of People & Culture Committee
25/05/18 – 21/11/19
20/02/2025 – 12/08/2025
Les Wozniczka
Non-Executive Director
13/04/21 – current
People & Culture Committee
22/04/21 – current
Audit & Risk Committee
22/04/21 – 07/11/22
Keith Perrett brings to the board strong experience in strategy development,
government relations, stakeholder engagement and business development.
He also has a strong business and government network, particularly within
New South Wales & Queensland.
He is currently Non-Executive Chairman of Silver Mines Ltd (ASX:SVL) and
has previously held positions as the Chairman of the Grains Research and
Development Corporation (GRDC), the National Rural Advisory Council
(NRAC), the Wheat Research Foundation (WRF), and President of the Grains
Council of Australia.
Directorships of Other Listed Entities in Last 3 Years
Silver Mines Ltd, 21/06/16 - current
Les Wozniczka has been an active private investor since retiring as Chief
Executive of Futuris Corporation in 2008 and currently holds a 11.9% stake in
Acumentis Group Limited.
He has been a director of public companies and is experienced in the
management of regulated entities.
Prior to Futuris Corporation, Les was a founding shareholder in Corporate
Governance International, a partner in The Partners Group offering corporate
advice, a Potter Partners partner and investment banker and international
currency and bond manager.
Les has an MBA and BSc (Psych) from UNSW and DipEd from the University
of Adelaide.
Pg 19
Acumentis Annual Report 2025
Andrea Staines OAM
Independent Director
Non-Executive Director
26/09/19 – 22/10/24
Chair of People & Culture Committee
21/11/19 – 22/10/24
Audit & Risk Committee
21/11/19 – 22/10/24
Jo Mikleus
Independent Director
Non-Executive Director
01/12/23 - current
People & Culture Committee
1/12/23 – current
Acting Chair of People &
Culture Committee
13/02/25 – 20/02/25
Audit & Risk Committee
14/12/23 – current
Chair of Audit & Risk
Committee
01/02/24 – current
Andrea Staines OAM has been a professional Non-Executive Director in excess of
fifteen years on a range of Australian and New Zealand entities and is currently
on the board of social enterprise UnitingCare Queensland and Sunshine Coast
Airport.
Andrea has experience in the property sector through her time on the board of
QIC. She has extensive experience from being on the boards of entities with
operations distributed nationwide including social enterprise Goodstart Early
Learning, ASX-listed Aurizon & Kelsian Group, Australia Post and Australian Rail
Track Corporation.
Andrea is a former CEO of Australian Airlines (mark II), a Qantas subsidiary flying
between Asia and Australia, which she co-launched. During this time, she was
also a member of the Qantas Executive Leadership Team. Prior to this, Andrea led
Qantas Revenue Management - a team that optimized Qantas passenger revenue
using mathematical techniques. Before joining Qantas, Andrea worked in various
financial and strategy roles with American Airlines at their Dallas headquarters.
Andrea has an MBA from the University of Michigan and a Bachelor of Economics
from the University of Queensland. She is a Fellow of the Australian Institute of
Company Directors (AICD) and a Member of Chief Executive Women (CEW).
Directorships of Other Listed Entities in Last 3 Years
Kelsian Group Limited (previously SeaLink Travel Group Limited)
15/02/16 – 25/10/22
Jo is growth focused and customer orientated, with 35 years of experience in
banking, business, technology, and financial services, including as CEO, CRO,
and EGM. Throughout her diverse career in listed, private, and PE-backed
companies, she has developed a track record of innovating and successfully
leading people through structural, technology, social, and regulatory change. Jo
has led businesses into new international markets and successfully navigated
IPOs, strategic acquisitions, divestments, and debt and equity financing.
A highly commercial board director, her other Non-Executive Director roles
include NED and Chair of the Technology Committee at Bravas Group, the
largest insurance premium funder group in Australia and New Zealand, and
NED and Audit Committee Chair at Avenue Bank, a digital bank disrupting the
bank guarantee market.
Jo has deep interest in leadership, mentoring and inclusion. She mentors CEOs
via her Group Chair role at Mentor List, is a Minerva Network mentor, and she
champions inclusive leadership through her involvement with Chief Executive
Women.
Jo has a Bachelor of Social Science (Economics) from UNSW and is a Graduate
of the Australian Institute of Company Directors.
Pg 20
Acumentis Annual Report 2025
Rod Owen-Jones
Independent Director
Non-Executive Director
01/02/25 – 10/02/25
Michael Wilde
Independent Director
Non-Executive Director
11/08/2025 - current
People & Culture Committee
11/08/2025 – current
Chair of People & Culture Committee
12/08/2025 – current
Audit & Risk Committee
11/08/2025 – current
Timothy Rabbitt
Managing Director
Executive Director
10/12/20 - current
Rod brings a wealth of experience across property operations, development
and investment, infrastructure and finance sectors accumulated over 20+
years within real estate and infrastructure markets.
Rod’s career spans management and executive roles across many significant
organisations including JLL, Dexus, AMP Capital and Centuria Healthcare.
He is an AICD Graduate and experienced in working on boards and sub-
committees across strategy, operational, risk and financial matters.
Rod is highly motivated and has a track record of delivering on objectives no
more acutely demonstrated than as a member of the Australian Men’s Water
Polo team at the Sydney 2000 Olympic Games.
Michael Wilde has over 25 years of investment management, financial markets
and accounting experience in the global real estate industry. He is currently
the Chief Financial Officer of Castlerock Property and oversees their finance,
IT and HR functions.
Prior to his current executive position, Michael was Group Chief Financial Officer
for 10 years at the ASX Listed Cromwell Property Group, including a period
when he was Acting Chief Executive Officer. During his tenure at Cromwell
Property Group he was involved in growing the business to overseeing $12
billion of funds under management located throughout Australia, New Zealand,
Singapore and Europe. While at Cromwell, Michael held executive director
positions on various unlisted subsidiary boards as well as being an executive
director of the manager of Cromwell’s Singapore Listed REIT.
Michael holds a Bachelor of Commerce and a Bachelor of Science and is a
member of the Chartered Accountants Institute of Australia and New Zealand
as well as a member of the Governance Institute of Australia.
Tim has worked with Acumentis since 1992 (then Taylor Byrne) and been in
the CEO role since September 2019 and was appointed Managing Director in
December 2020.
Tim led Taylor Byrne from 2013 until the merger with LMW in 2019 and
was instrumental in the transition of the company from a partnership into a
corporate structure.
As CEO of Acumentis Tim holds overall responsibility for the management
of the business, including risk management, governance, strategic planning
and financial management. He has worked across the commercial, industrial
and specialised rural property sectors throughout Queensland, the Northern
Territory, New South Wales and Western Australia.
Pg 21
Acumentis Annual Report 2025
Directors’ Meetings
The number of directors’ meetings held, and the number of meetings attended by each of the directors (when a
director) of the Company during the financial year were as follows:
Company particulars
Acumentis Group Limited is incorporated in Australia.
The address of the registered office is Level 4, 35 Boundary Street, South Brisbane, QLD 4001.
Board
Audit & Risk
Committee
People &
Culture Committee
Director
Held
Attended
Held
Attended
Held
Attended
Keith Perrett
8
8
4
4
2
2
Andrea Staines
3
3
2
2
1
1
Jo Mikleus
8
8
4
4
4
4
Les Wozniczka
8
8
4
4
4
4
Timothy Rabbitt
8
7
-
-
-
-
Rod Owen-Jones
-
-
-
-
-
-
Michael Wilde
-
-
-
-
-
-
A Certified Practicing Valuer, Tim specialises in litigation and acquisition matters
and has been involved in numerous gas, mining and powerline easement
acquisition projects throughout Queensland and New South Wales. He has
regularly acted as an Expert Witness in various courts, and been involved in
negotiations for the acquisition of properties for roads, rails, dams, mines,
powerline and gas and water pipeline easements, and gas infrastructure.
Tim has served as the Queensland President of the Australian Property
Institute, is a member of the Valuation Board of Review for the Northern
Territory, the Royal Institute of Chartered Surveyors, the International Right of
Way Association, and the Australian Institute of Company Directors.
John Wise
Company Secretary
27/09/16 – current
John joined Acumentis in September 2016 as Chief Financial Officer and
Company Secretary.
John has had extensive experience in the property services sector having
previously held the position of CFO & Company Secretary at Savills from 1999
until 2016.
John trained with Price Waterhouse in the UK and also worked in Hungary
before emigrating to Australia in 1990.
John has a Bachelor of Science, Honours Degree in Mathematics, is a fellow of
the Institute of Chartered Accountants in England and Wales (ICAEW) and a
graduate of the Australian Institute of Company Directors (AICD).
Pg 22
Acumentis Annual Report 2025
Corporate Governance Statement
Acumentis Group Limited and the board are committed to achieving and demonstrating the highest standards of
corporate governance. Acumentis Group Limited has reviewed its corporate governance practices against the
Corporate Governance Principles and Recommendations (4th edition) published by the ASX Corporate Governance
Council.
The 2025 Corporate Governance Statement is dated as at 30 June 2025 and reflects the corporate governance
practices in place at the end of the 2025 financial year. The 2025 Corporate Governance Statement was approved by
the board on 19th June 2025 and can be viewed at:
https://www.acumentis.com.au/investor-center/corporate-governance/
https://www.acumentis.com.au/investor-center/corporate-governance/
Principal activities
The principal activity of the Consolidated Entity during the course of the financial year was property valuation and
advisory services. There were no significant changes in the nature of the activities of the Consolidated Entity during
the year.
Review of Operations
The Company achieved a 4% year-on-year increase in revenue from continuing operations and average annual growth
of 7.2% over the past four years. This result was driven by a 15% increase in revenue from corporate and private
clients and a 2% increase in revenue from financial institutions, which more than offset a 23% decline in revenue from
government clients following the conclusion of a major contract.
Year ended
30 June 2025
$000s
Year ended
30 June 2024
$000s
Increase /
(Decrease)
$000
% Change
Revenue
Operating revenue
58,261
56,187
2,074
4%
Fair value adjustment on early settlement of
deferred, contingent consideration
-
995
(995)
(100%)
58,261
57,182
1,079
2%
Profit before tax
Operating profit
1,701
1,260*
441
35%
Fair value adjustment on early settlement of
deferred, contingent consideration
-
995
(995)
(100%)
Settlement of cyber-insurance aggregation claim
-
(300)
300
100%
Costs incurred and provision for settlement of legal
claim within insurance excess
-
(180)
180
100%
Impairment of intangible assets (computer software)
-
(273)
273
100%
1,701
1,502
199
13%
Income tax (expense) / benefit
(521)
(177)*
(344)
194%
Net profit after tax from continuing operations
1,180
1,325
(145)
(11%)
*These numbers have been restated. Refer to note 10 for details.
Pg 23
Acumentis Annual Report 2025
Operating profit for the year was $1,701K (FY24: $1,260K), representing a 35% increase from the prior year.
Employment costs rose due to strategic investments in key management roles, positioning the business for continued
execution of its diversification strategy. The company remains focused on expanding revenue streams from corporate
and private clients, government clients, as well as from non-finance related valuation and advisory services. Overhead
expenses remained tightly controlled. Profit after tax for the year was $1,180K (FY24 $1,325K).
Business Overview
During the financial year, the Company continued to execute its diversification strategy, achieving a 4% increase in
revenue from operations. Strong growth from corporate and private clients underpinned performance and reflected
the benefits of prior efforts in broadening the Company’s client base. The overall business model remains consistent,
with non-financial services clients continuing to contribute approximately 40% of total revenue, highlighting the
Company’s diversified and resilient customer base.
Outlook
The Board expects modest improvement in economic conditions in FY26, supported by easing inflation and anticipated
interest rate cuts. While global uncertainty and trade tensions remain key risks, the Australian economy is projected to
strengthen over the year. The Company is well-positioned to benefit from this, with its diversified revenue base, strong
market presence, and continued focus on disciplined cost management and strategic growth initiatives providing a
solid foundation for continued profitability.
Taxation policy relating to self-managed super funds (SMSFs) is also expected to drive demand for both valuation
services and depreciation schedules. These requirements are increasingly being mandated by trustees and auditors.
Acumentis has strengthened its capability in this area, conducting depreciation work internally. This assists with
margin improvement and greater control over service delivery.
Population growth, supported by net overseas migration continues to place upward pressure on housing demand,
particularly in Sydney, Melbourne and Brisbane. Government initiatives to address housing supply, including build-
to-rent and social infrastructure programs, are expected to generate new valuation and advisory opportunities as
projects move through feasibility and financing stages.
The Company’s diversified service base, national footprint, and ongoing investment in technology including increasing
use of AI, position it well to respond to these dynamics. While challenges remain, the Board believes the combination
of improving credit conditions, refinancing activity, and structural demand for housing will underpin heightened levels
of property advice and valuation activity through FY26.
Dividends
On 20 August 2025, the Directors resolved to pay a final, fully franked, dividend of 0.22 cents per ordinary share
totalling $490,501 (FY24: $487,201).
The record date for the final dividend will be 5 September 2025, with payment to be made on 12 September 2025.
Shares will trade excluding entitlement to the final dividend on 4 September 2025.
Events subsequent to the end of the reporting period
There were no significant events subsequent to the end of the reporting period
Pg 24
Acumentis Annual Report 2025
State of affairs
There have been no significant changes in the state of affairs of the Consolidated Entity that occurred during the year
under review.
Likely Developments
Refer to the Outlook included in this Directors’ Report above.
Environmental regulation
The operations of the Consolidated Entity are not subject to any significant environmental regulation under a law of
the Commonwealth or of a State or Territory.
Pg 25
Acumentis Annual Report 2025
REMUNERATION REPORT – AUDITED
People & Culture Committee
The People & Culture Committee incorporates the roles of a Nominations & Remuneration Committee.
A major role of the People & Culture Committee is to ensure that the remuneration policies and outcomes achieve
an appropriate balance between the interests of Acumentis Group shareholders and rewarding and motivating
executives and employees in order to achieve their long-term commitment to the Consolidated Entity. The committee
meets as required but generally at least four times per year. The members of the People & Culture Committee during
the year were:
Remuneration strategy
Remuneration levels are competitively set to attract and retain appropriately qualified and experienced directors and
senior executives.
The remuneration of the Consolidated Entity’s senior executives includes a mix of fixed components and performance-
based incentives comprising short term incentives (“STI’s”) and long-term incentives (“LTI’s”).
The board considers that the performance-based incentive is appropriate as it directly aligns the individuals reward
with the Consolidated Entity’s performance.
Name
Independent
Non-executive
Current members
Keith Perrett (Member from 6 December 2024 and Chair from 20 February 2025 until
12 August 2025)
Y
Y
Leslie Wozniczka (Member from 22 April 2021)
N
Y
Jo Mikleus (Member from 1 December 2023)
Y
Y
Michael Wilde (Member and Chair from 12 August 2025)
Y
Y
Former members
Andrea Staines (Member & Chair from 21 November 2019 until
22 October 2024)
Y
Y
Component
Settled
How Measured
Fixed
Cash
Market rates, reviewed annually.
STI
Cash
The performance of the Consolidated Entity and the individual
performance of the executives based on achievement of specific
key performance indicators (KPI’s) which include financial and
non-financial targets. STI’s and the associated KPI’s are reviewed
and set annually with STI payments, if any, being made post
finalisation of the annual external audit.
LTI
Share Based
The performance of the Consolidated Entity and the individual
performance of the executives. The performance of the Consolidated
Entity is based on total shareholder return and earnings per
share. LTI’s have a minimum period of 3 years and are forfeited if
the executive ceases to be employed by the Consolidated Entity.
Pg 26
Acumentis Annual Report 2025
In considering the Consolidated Entity’s performance, the board has regard to the following indices in respect of the
current financial year and previous years.
The factors that are considered to affect total shareholders return are summarised below.
Non-executive directors are paid an annual fee for their service on the board and committees which is determined by
the People & Culture Committee. Aggregate remuneration for all non-executive directors is not to exceed $580,000 per
annum as approved by the shareholders. Non-executive directors’ aggregate salary & fees for the year were $319,302.
These fees include statutory superannuation. Non-executive directors do not receive bonuses nor are they entitled
to be issued with options or performance rights on securities in the Consolidated Entity. Non-executive directors do
not receive any retirement benefits other than statutory superannuation payments. Non-executive directors do not
receive separate fees for committee memberships, however, from February 2024, fees for chairing these committees
were introduced (Chair of Audit & Risk Committee - $20,000 pa, Chair of People & Culture Committee - $15,000 pa).
In circumstances where the Chair of the Board also chairs a committee, no committee chairing fee is paid.
The Consolidated Entity has a policy that prohibits those that are granted share-based payments as part of their
remuneration from being compensated for changes in value of the underlying securities.
2025
$000
2024
$000
2023
$000
2022
$000
2021
$000
Revenue from rendering services
58,119
56,203
53,519
55,163
44,043
EBITDA1
3,835
3,4332
3,420
2,035
4,902
Net profit / (loss) to equity holders
of the Company
1,180
1,3252
429
1,445
(9,688)
Earnings / (loss) per share (cents)
0.53
0.602
0.23
0.83
(6.19)
2025
2024
2023
2022
2021
Dividends declared (per share)
0.22 cents
0.22 cents
-
-
-
Share price at the end of the period
$0.073
$0.067
$0.061
$0.095
$0.115
1.
EBITDA excludes gain on de-recognition of investment in associated company in 2022, fair value adjustment on early settlement of deferred, contingent
consideration in 2024 and gain on disposal of non-current assets.
2.
In the table above, the 2024 financial information has been restated to reflect the correction of a prior period error, as detailed in Note 10 to the financial
statements. Earlier years (prior to 2024) have not been restated, as determining the profit or loss impact for those periods would require extensive recalculations
to allocate the correction across financial years. Given the age of those periods and their limited relevance to current performance, the directors consider
restating the 2024 comparatives, along with the corrected 2023 closing balance sheet position, provides users with sufficient context to assess year-on-year
trends.
Pg 27
Acumentis Annual Report 2025
Directors’ and senior executive officers’ remuneration
Details of the nature and amount of each major element of the remuneration of each member of key management personnel
are:
1.
Resigned 22 October 2024
2.
Appointed 1 December 2023
3.
Appointed 1 February 2025, resigned 10 February 2025
4.
Other directors and senior executive officers were employed throughout both financial years
5.
Includes the effect of lapse of FY22 tranche of rights due to the performance condition not being met
6.
Includes the effect of lapse of FY24 tranche of rights due to the service condition no longer being able to be met
7.
Includes $50,000 STI payment for FY 2025, paid in advance of the finalisation of the annual audit. Following audit completion, the final STI will be determined,
and any remaining balance will be paid or any overpayment repaid
8.
Non-executive director remuneration includes fees paid for chairing board committees
Short term
Post-employment
Long term
Total
$
Performance
Related %
Share
Based
%
Name
Year
Salary
& Fees
$
STI
(b)
$
Super-
annuation
benefits
$
Termination
benefits
$
Movement
in long
term
benefits
$
Share
based
payments
$
Non-executive directors
K Perrett
2025
129,996
-
-
-
-
-
129,996
-
-
2024
124,998
-
-
-
-
-
124,998
-
-
A Staines1
2025
23,336
-
2,683
-
-
-
26,019
-
-
2024
65,844
-
7,243
-
-
-
73,087
-
-
J Mikleus2
2025
77,915
-
8,961
-
-
-
86,876
-
-
2024
42,220
-
4,644
-
-
-
46,864
-
-
L Wozniczka
2025
75,000
-
-
-
-
-
75,000
-
-
2024
71,000
-
-
-
-
-
71,000
-
-
R Owen-Jones3
2025
1,294
-
149
-
-
-
1,443
-
-
2024
-
-
-
-
-
-
-
-
-
Executive directors
T Rabbitt
2025
403,835
126,2337
29,932
-
8,718
108,487
677,205
19%
16%
2024
427,861
16,216
27,399
-
(12,560)
126,2925
585,208
3%
22%
Other key management personnel
J Wise
2025
191,285
22,422
23,263
-
17,241
(11,661)6
242,550
9%
(5%)
2024
243,802
18,018
26,687
-
16,438
62,8865
367,831
5%
17%
Pg 28
Acumentis Annual Report 2025
Notes in relation to the table of directors’ and executive officers’ remuneration
(a)
Analysis of options & performance rights included in remuneration
Option & Performance Rights – Share Based Payments
The directors at their discretion allocate share options or performance rights that entitle key management personnel and
senior employees to be issued shares in the Company. The terms of any options and performance rights including vesting
conditions and performance criteria vary depending upon the incentive arrangements appropriate for key management
personnel and senior employees and are a part of an approved Employee Share Acquisition Scheme, which was initially
approved by shareholders at the 2018 Annual General Meeting and renewed for a further 3 years at the 2021 and 2024
Annual General Meetings.
Options
There were no options held by key management personnel outstanding at the date of this report (2024: none).
Performance Rights
Performance rights may be granted under the Acumentis Group Performance Rights and Option Plan which was first approved
by shareholders at the 2018 Annual General Meetings and the approval was renewed for a further 3 years at the 2021 and
2024 Annual General Meetings. The Plan allows the Company to grant options or rights to selected senior executives to
acquire ordinary shares in the Company. Participants are required to satisfy performance and service conditions at the time
of the offer. The exercise price for performance rights is nil. Rights cannot be transferred and are not quoted on the ASX.
Performance rights on issue are as follows:
Further information on performance rights can be found at note 20(a) to the financial statements.
Tranche
Date
Transaction
Chief
Executive
Officer
Chief
Financial
Officer
Other
employees
Total
FY22
20 Sep 21
Grant
-
240,000
1,200,000
1,440,000
28 Oct 21
Grant
240,000
-
-
240,000
08 Apr 22
Forfeit (service condition not met)
-
-
(144,000)
(144,000)
10 Jun 22
Forfeit (service condition not met)
-
-
(120,000)
(120,000)
19 May 23
Forfeit (service condition not met)
-
-
(240,000)
(240,000)
30 Jun 24
Lapse (market & performance conditions not met)
(240,000)
(240,000)
(696,000)
(1,176,000)
-
-
-
-
FY23
25 Oct 22
Grant
405,000
300,000
435,000
1,140,000
31 Dec 24
Lapse (market & performance conditions not met)
(405,000)
(300,000)
(435,000)
(1,140,000)
-
-
-
-
FY24
25 Oct 23
Grant
6,000,000
3,000,000
-
9,000,000
6,000,000
3,000,000
-
9,000,000
FY25
12 Jul 24
Vested
(1,000,000)
(500,000)
-
(1,500,000)
30 Jun 25
Forfeit (service condition not met)
-
(2,000,000)
-
(2,000,000)
5,000,000
500,000
-
5,500,000
Total
5,000,000
500,000
-
5,500,000
Pg 29
Acumentis Annual Report 2025
Details of performance right valuations and vesting conditions are as follows:
The Board has the discretion to adjust the number of rights that ultimately vest and/or the service condition period
if it forms the view that the unadjusted outcome is not appropriate to the circumstances that prevailed over the
measurement period.
The Board has discretion to determine that some or all unvested rights held lapse on a specified date if allowing
the rights to vest would, in the opinion of the Board, result in an inappropriate benefit to the rights holder. Such
circumstances would include joining a competitor or actions that harm the Consolidated Entities’ stakeholders.
In the case of fraud or misconduct, all unvested rights will be forfeited.
Vesting and exercise of performance rights issued during prior years
During the year ended 30 June 2025, 1,000,000 performance rights vested and were exercised by the Chief Executive
Officer and 500,000 for the Chief Financial Officer (2024: none).
Grant date
20 Sep 21 &
28 Oct 21
25 Oct 22
25 Oct 23
25 Oct 23
25 Oct 23
Number of rights
Originally issued
1,680,000
1,140,000
1,500,000
1,500,000
6,000,000
Forfeited
(504,000)
-
-
-
-
Lapsed
(1,176,000)
(1,140,000)
-
-
(2,000,000)
Vested & exercised
-
-
(1,500,000)
-
-
On issue
-
-
-
1,500,000
4,000,000
Unvested
-
-
-
1,500,000
4,000,000
Vested but not exercised
-
-
-
-
-
-
-
-
1,500,000
4,000,000
Weighted average fair value at grant date
(cents)
13.25
6.92
6.05
5.76
5.48
Service Condition
The executive must remain employed from
grant date until the finalisation of the
statutory audit for the financial year ended
If the service condition is not met none of
the performance rights will vest.
30 Jun 24
30 Jun 25
30 Jun 24
30 Jun 25
30 Jun 26
Market Condition
Applicable to (% of rights)
The performance rights will vest if the
total shareholder return (“TSR”) for
Acumentis is at least equal to the TSR for
the ASX300 for the period
50%
1 Jul 21 –
30 Jun 24
50%
1 Jul 22 –
30 Jun 25
N/A
N/A
N/A
Performance Condition
Applicable to (% of rights)
The performance rights will vest pro-rata
based on the earnings per share of Acumentis
Group Limited being between
50%
2.5 & 3.4
cents for
FY24
50%
2.6 & 3.5
cents for
FY25
N/A
N/A
100%
1.0 & 2.0
cents for
FY26
Pg 30
Acumentis Annual Report 2025
(b)
Analysis of short term incentives included in remuneration
Short-term incentive cash payments were awarded to the CEO Timothy Rabbitt and CFO John Wise.
The performance-based component for the CEO is a cash payment based on both financial and non-financial KPI’s
and qualitative assessment of performance.
The performance-based component for the CFO is a cash payment based on non-financial KPI’s and qualitative
assessment of performance.
Contracted Commitment
Timothy Rabbitt (CEO) is, and John Wise (CFO until 11 July 2025) was, employed by the Company under ongoing
employment contracts. The notice periods and termination payments provided for under these contracts are as
follows:
The termination payments are not provided for in the financial statements.
Beneficial interest of directors and key management personnel in shares & options
Director / Key
Management Personnel
Vesting date
Cash STI
Paid / Payable
Cash STI
Forfeited
Financial Year the cash
STI was paid / is payable
Timothy Rabbitt
30 June 2025
50%
50%
2026
John Wise
30 June 2025
44%
56%
2026
Director / Key Management Personnel
Notice Period
Months
Termination Payment
$
Timothy Rabbitt
6
212,500
John Wise
3
62,500
Pg 31
Acumentis Annual Report 2025
Movement in shareholdings
The movement during the reporting period in the number of ordinary shares in the Company held directly, indirectly,
or beneficially by each director or key management person including their personally related entities is as follows:
The executive officers named are those who are directly accountable and responsible for the strategic direction and
operational management of the Consolidated Entity. The directors are of the opinion that only the executive officers
detailed above meet the definition of key management personnel as set out in AASB 124 Related Party Disclosures.
Transactions with Director-Related Entities
The Consolidated Entity did not enter into any transactions with any director-related entities, except for payment of
non-executive directors’ fees to some directors, in either of the years ended 30 June 2024 or 30 June 2025.
END OF REMUNERATION REPORT
2025
Held at
1 July 2024
Purchases
Performance
Rights
Sales
Held at
30 June 2024
Non-Executive Directors
Keith Perrett
1,241,434
-
-
-
1,241,434
Andrea Staines
-
-
-
-
-
Jo Mikleus
-
-
-
-
-
Les Wozniczka
25,953,613
-
-
-
25,953,613
Rod Owen-Jones
-
-
-
-
-
Michael Wilde
-
-
-
-
-
Executive Directors
Timothy Rabbitt
1,872,091
100,000
1,000,000
-
2,972,091
Key Management Personnel
John Wise
481,429
-
500,000
-
981,429
2024
Held at
1 July 2023
Purchases
Sales
Appointment /
(Retirement)
from Board
Held at
30 June 2024
Non-Executive Directors
Keith Perrett
1,241,434
-
-
-
1,241,434
Andrea Staines
-
-
-
-
-
Jo Mikleus
-
-
-
-
-
Les Wozniczka
25,953,613
-
-
-
25,953,613
Rod Owen-Jones
-
-
-
-
-
Michael Wilde
-
-
-
-
-
Executive Directors
Timothy Rabbitt
1,872,091
-
-
-
1,872,091
Key Management Personnel
John Wise
466,740
14,689
-
-
481,429
Pg 32
Acumentis Annual Report 2025
Proceedings on behalf of the consolidated entity
During the financial year and in the interval between the end of the financial year and the date of this report the
Consolidated Entity has made no application for leave under Section 237 of the Corporations Act 2001.
No person has applied for leave of court to bring proceedings on behalf of the Consolidated Entity or intervene in
any proceeding to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the
Consolidated Entity for all or any part of these proceedings. The Consolidated Entity was not a party to any such
proceedings during the year.
Directors’ Interests
The relevant interest of each director in the shares issued by the Company as notified by the Directors to the Australian
Securities Exchange in accordance with S205G(1) of the Corporations Act 2001, at the date of this report is as follows:
Share Options
Shares under option
There were no unissued ordinary shares of Acumentis Group Limited under option at the date of the report (2024: Nil).
Refer to note 7 for further details.
Shares issued on exercise of options
There were no options exercised during the year (2024: Nil).
Indemnification and Insurance of Officers and Auditors
Officers
The Company has agreed to indemnify all current Directors of Acumentis Group Limited to the maximum extent
permitted by law against any liability incurred by them by virtue of their holding office as an officer of the Consolidated
Entity other than:
•
a liability owed to the Consolidated Entity or a related body corporate of the Company;
•
a liability for a pecuniary penalty order under section 1317G of the Law or a compensation order under section
1317H of the Law; or
•
a liability owed to a person other than the Consolidated Entity that did not arise out of conduct in good faith.
Since the end of the previous financial year, the Consolidated Entity has paid premiums in respect of Directors
and Officers liability insurance, for all past, present, or future directors, secretaries, officers or employees of the
Consolidated Entity. Conditions of the Insurance policy restrict disclosure of the premium amount.
Ordinary Shares
Keith Perrett
1,241,434
Jo Mikleus
-
Timothy Rabbitt
2,972,091
Les Wozniczka
25,953,613
Michael Wilde
-
Pg 33
Acumentis Annual Report 2025
The insurance premiums relate to:
•
costs and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and
whatever their outcome
•
other liabilities that may arise from their position, with the exception of conduct involving a wilful breach of duty
or improper use of information or position to gain a personal advantage.
Further details of insurance policies have not been disclosed as the policies prohibit such disclosure.
Auditors
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of
the Company or any related entity against a third-party liability incurred by the auditor.
During the year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or
any related entity.
Rounding of Amounts
The Consolidated Entity has applied the relief available under ASIC Instrument 2016/191 and accordingly, amounts
in the financial statements and directors’ report have been rounded to the nearest thousand dollars, or in certain
cases, to the nearest dollar.
Auditors Independence Declaration under Section 307C of the Corporations Act 2001
The auditor’s independence declaration is set out on page 35 and forms part of the Directors’ Report for the financial
year ended 30 June 2025.
Non-audit Services
During the year, William Buck, the Company’s auditor, has performed certain other services in addition to their
statutory duties.
The board has considered the non-audit services provided during the year by the auditor and in accordance with
written advice provided by resolution of the Audit & Risk Committee, is satisfied that the provision of those non-
audit services during the year by the auditor is compatible with, and did not compromise, the auditor independence
requirements of the Corporations Act 2001 for the following reasons:
•
all non-audit services were subject to the corporate governance procedures adopted by the Consolidated Entity
and have been reviewed by the Audit & Risk Committee to ensure that they do not impact the integrity and
objectivity of the auditors; and
•
the non-audit services provided do not undermine the general principles relating to auditor independence as set
out in APES 110 Code of Ethics for Professional Accountants (including Independence Standards), as they did
not involve reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity
for the Consolidated Entity, acting as an advocate for the Consolidated Entity or jointly sharing risks and rewards.
Pg 34
Acumentis Annual Report 2025
Details of the amounts paid to the auditors of the Consolidated Entity, William Buck, and its related practices for audit
and non-audit services provided during the year are set out below:
This report is made in accordance with a resolution of the directors.
Keith Perrett
Director
Dated at Sydney this 20th day of August 2025
2025
2024
Statutory and other audit services
$000
$000
Full year audit
165,000
160,000
Half year review
60,000
60,000
225,000
220,000
Service other than statutory audit
Preparation & lodgement of taxation returns
10,175
9,690
Assurance on financial systems migration
7,500
-
17,675
9,690
Pg 35
Acumentis Annual Report 2025
AUDITOR’S INDEPENDENCE DECLARATION
Level 29, 66 Goulburn Street, Sydney NSW 2000
Level 7, 3 Horwood Place, Parramatta NSW 2150
Level 4, 23 National Circuit, Barton ACT 2600
+61 2 8263 4000
+61 2 8263 4000
+61 2 6126 8500
nsw.info@williambuck.com
nsw.info@williambuck.com
act.info@williambuck.com
williambuck.com
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under Section 307C of
the Corporations Act 2001
To the directors of Acumentis Group Limited
As lead auditor for the audit of Acumentis Group Limited for the year ended 30 June 2025, I declare that, to
the best of my knowledge and belief, there have been:
— no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Acumentis Group Limited and the entities it controlled during the year.
William Buck
Accountants & Advisors
ABN 16 021 300 521
Domenic Molluso
Partner
Sydney, 20 August 2025
Pg 36
Acumentis Annual Report 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
Note
Year ended
20th June 2025
$000
Year ended
20th June 2024
$000
Revenue from rendering of services
1
58,119
56,203
Other income
3(a)
142
979
58,261
57,182
Expenses from operating activities:
Employee expenses
43,267
41,316*
IT infrastructure & software expenses
2,800
2,589
Marketing expenses
837
1,005
Insurance expenses
1,958
2,145
Administration expenses
1,205
970
Occupancy expenses
654
581
Depreciation and amortisation expenses
2,044
2,790
Travel expenses
1,448
1,475
Searches, plans & maps
876
768
Other expenses from operating activities
1,318
1,835
56,407
55,474
Results from operating activities
1,854
1,708
Finance income
3(b)
95
65
Finance expense
3(b)
(248)
(271)
(153)
(206)
Profit before tax
1,701
1,502
Income tax (expense)
4
(521)
(177)*
Profit for the year attributable to owners of the parent
1,180
1,325
Total comprehensive profit for the year attributable to owners of the
parent
1,180
1,325
Basic earnings per share
22(a)
0.53 cents
0.61 cents*
Diluted earnings per share
22(b)
0.52 cents
0.58 cents*
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
*These numbers have been restated. Refer to note 10 for details.
Pg 37
Acumentis Annual Report 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
Assets
Note
30 June 2025
$000
30 June 2024
$000
30 June 2023
$000
Cash and cash equivalents
5(a)
4,429
4,140
1,697
Term deposits
5(b)
243
261
1
Trade and other receivables
5(c)
5,864
5,702
5,916
Other financial assets
5(d)
173
105
371
Other current assets
6(f)
1,276
1,203
1,064
Total current assets
11,985
11,411
9,049
Other financial assets
5(d)
-
175
284
Term deposits
5(b)
470
679
913
Deferred tax assets
6(e)
2,043
2,564*
2,740^
Plant and equipment
6(a)
512
609
737
Right of use assets
6(b)
1,926
1,644
2,505
Intangible assets
6(c)
21,348
21,629
22,140
Total non-current assets
26,299
27,300
29,319
Total assets
38,284
38,711
38,368
Liabilities
Trade and other payables
5(e)
3,773
4,140
3,834
Borrowings
5(f)
-
8
8
Lease liabilities
5(g)
883
1,179
1,765
Current tax liabilities
6(d)
-
-
-
Deferred consideration
5(h)
51
176
143
Employee benefits
6(g)
5,516
5,904*
5,348^
Total current liabilities
10,223
11,407
11,098
Trade and other payables
5(e)
-
100
-
Borrowings
5(f)
-
31
39
Lease liabilities
5(g)
1,168
760
1,566
Deferred consideration
5(h)
60
111
1,263
Employee benefits
6(g)
594
624*
644^
Provisions
6(h)
198
418
142
Total non-current liabilities
2,020
2,044
3,654
Total liabilities
12,243
13,451
14,752
Net assets
26,041
25,260
23,616
Equity
Issued capital
7
22,449
22,342
22,208
Retained earnings
3,261
2,568*
1,243^
Other reserves
8
331
350
165
Total equity
26,041
25,260
23,616
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
* 30 June 2024 numbers have been restated. Refer to note 10 for details.
^1 July 2023 numbers have been restated. Refer to note 10 for details.
Pg 38
Acumentis Annual Report 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Note
Share Capital
$000
Retained
Earnings
$000
Other
Reserves
$000
Total
Equity
$000
Balance at 1 July 2023
22,208
1,243*
165
23,616
Total comprehensive profit attributable to
members of the parent entity
-
1,325*
-
1,325
Transactions with owners in their capacity as
owners:
Shares issued
7(a)
134
-
-
134
Share based payments expense
8
-
-
185
185
Balance at 30 June 2024
22,342
2,568*
350
25,260
Balance at 1 July 2024
22,342
2,568*
350
25,260
Total comprehensive profit attributable to
members of the parent entity
-
1,180
-
1,180
Transactions with owners in their capacity as
owners:
Shares issued on exercise of
performance rights
7(a)
107
-
(107)
-
Share based payments expense
8
-
-
88
88
Dividends paid
-
(487)
-
(487)
Balance at 30 June 2025
22,449
3,261
331
26,041
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
*These numbers have been restated. Refer to note 10 for details.
Pg 39
Acumentis Annual Report 2025
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
Cash flows from operating activities
Note
2025
$000
2024
$000
Cash receipts in the course of operations
63,885
62,168
Lease receipts
95
370
Cash payments in the course of operations
(61,227)
(57,474)
Finance income received
3(b)
95
65
Finance expense paid
3(b)
(248)
(271)
Income tax paid
-
-
Net cash provided by operating activities
9(a)
2,600
4,858
Cash flows from investing activities
Payments for plant and equipment
6(a)
(330)
(209)
Payments for intangible assets
6(c)
(75)
(81)
Purchase of investments
- Acquisition of incorporated business
14(a)
-
(94)
- Deferred consideration paid
5(h)
(176)
(143)
Decrease / (increase) in security deposits invested
227
(26)
Proceeds from sale of plant and equipment
34
-
Loans advanced
(9)
-
Loan repayments received
21
5
Net cash used in investing activities
(308)
(548)
Cash flows from financing activities
Repayment of borrowings
5(f)
(39)
(8)
Repayment of lease liabilities
(1,477)
(1,859)
Dividends paid
(487)
-
Net cash used in financing activities
(2,003)
(1,867)
Net increase in cash and cash equivalents held
289
2,443
Cash and cash equivalents at beginning of the year
4,140
1,697
Cash and cash equivalents at the end of the year
5(a)
4,429
4,140
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Notes to the
consolidated financial
statements
ASX:ACU FY24-25
Pg 40
Acumentis Annual Report 2025
Pg 41
Acumentis Annual Report 2025
TABLE OF CONTENTS
How the numbers are calculated............................................................................................................................. 40
1 Revenue........................................................................................................................................................... 41
2 Material profit or loss items............................................................................................................................ 43
3 Other income and expense items................................................................................................................... 43
4 Income tax expense........................................................................................................................................ 44
5 Financial assets and financial liabilities......................................................................................................... 45
6 Non-financial assets and liabilities................................................................................................................. 51
7 Equity............................................................................................................................................................... 63
8 Other Reserves................................................................................................................................................ 64
9 Cash flow information..................................................................................................................................... 64
10 Restatement of prior period errors................................................................................................................. 65
Risk .......................................................................................................................................................................... 66
11 Significant estimates and judgements......................................................................................................... 67
12 Financial risk management........................................................................................................................... 67
13 Capital management..................................................................................................................................... 72
Group structure........................................................................................................................................................ 77
14 Business combinations - Acquisitions.......................................................................................................... 81
15 Interests in other entities............................................................................................................................. 79
Unrecognised items................................................................................................................................................. 80
16 Contingent liabilities..................................................................................................................................... 81
17 Commitments................................................................................................................................................ 81
18 Events occurring after the reporting period................................................................................................. 81
Other disclosures..................................................................................................................................................... 82
19 Related party transactions............................................................................................................................ 83
20 Share-based payments................................................................................................................................. 84
21 Remuneration of auditors............................................................................................................................. 87
22 Earnings per share........................................................................................................................................ 88
23 Parent entity financial information............................................................................................................... 89
24 Going concern............................................................................................................................................... 89
25 Summary of significant accounting policies................................................................................................. 89
Pg 42
Acumentis Annual Report 2025
HOW THE NUMBERS ARE CALCULATED
This section provides additional information about those individual line items in the financial statements that the
directors consider most relevant in the context of the operations of the entity, including:
a)
Accounting policies that are relevant for an understanding of the items recognised in the financial statements.
These cover situations where the accounting standards either allow a choice or do not deal with a particular type
of transaction;
b)
Analysis and sub-totals, including segment information; and
c)
Information about estimates and judgements made in relation to particular items.
1
Revenue
(a)
Revenue from rendering of services
Revenue from the rendering of services to clients is recognised when the individual performance obligation under the
applicable contract is satisfied and at the price agreed in the contract. For the majority of contracts, there is a single
performance obligation at the completion of the service and revenue is recognised at this point.
(b)
Recovery of disbursements
Where the contract with the client allows the recovery of disbursements incurred in delivering the services, these are
billed to the client at the time the performance obligation in the contract is satisfied or in accordance with an agreed
billing schedule as appropriate.
(c)
Recharge of shared services to licensees
Revenue relating to the provision of shared services to licensees is billed and recognised on a monthly basis over the
term of the agreement relating to the provision of such services.
2025
$000
2024
$000
Revenue from rendering of services
58,034
56,164
Recovery of disbursements
64
18
Recharge of shared services to licensees
21
21
58,119
56,203
Pg 43
Acumentis Annual Report 2025
2
Material profit or loss items
The Consolidated Entity has identified a number of items which are material due to the significance of their nature
and/or amount. These are listed separately here to provide a better understanding of the financial performance of the
Consolidated Entity.
3
Other income and expense items
This note provides a breakdown of the items included in ‘other income’ and ‘finance income and expenses’. Information
about specific profit and loss items (such as gains and losses in relation to the sale of plant & equipment) is disclosed
in the related statement of financial position notes.
(a)
Other income
Licence fee income represents fees charged to non-controlled entities which had been licenced to use the Acumentis
brand and systems. Licence fees are charged as a percentage of revenue earned by the licensee. The negative income
in 2024 is due to the write back of over-accrued income of $197,000 from earlier years.
Income
Notes
2025
$000
2024
$000
Fair value adjustment on early settlement of deferred, contingent
consideration
5(h)(i)
-
995
Expenses
Impairment of intangible assets – computer software
6(v)
-
273
Settlement of cyber insurance aggregation claim
16
-
300
Costs incurred and provision for settlement of legal claim within
insurance excess
-
180
Notes
2025
$000
2024
$000
Fair value adjustment on early settlement of deferred, contingent
consideration
5(h)(i)
-
995
Licence fee income
103
(32)
Sundry income
39
16
142
979
Pg 44
Acumentis Annual Report 2025
(b)
Finance income and expense
Finance income comprises interest income on funds invested. Interest income is recognised using the effective
interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. Interest income is
recognised as it accrues in the Statement of Profit & Loss and Other Comprehensive Income.
Finance expenses comprise interest expense on borrowings, leases and unwinding of the discount on financial assets.
All borrowing costs are recognised in the Statement of Profit & Loss and Other Comprehensive Income using the
effective interest method.
4
Income tax expense
This note provides an analysis of the Consolidated Entity’s income tax expense, shows what amounts are recognised
directly in equity and how the tax expense is affected by non-assessable and non-deductible items. It also explains
significant estimates made in relation to the Consolidated Entity’s tax position.
(a)
Income tax expense
Finance income
2025
$000
2024
$000
- Employee loans - $nil capitalised (2024: nil)
12
13
- Lease income from sublease
3
18
- Term deposits
45
16
- Bank accounts
35
18
95
65
Finance expenses
- Borrowings
(45)
(31)
- Leases
(144)
(140)
- Overdrafts
-
-
- Insurance premium finance
(59)
(100)
(248)
(271)
Current tax
2025
$000
2024
$000
Current year tax payable
446
(244)
Utilisation of brought forward tax losses
(446)
(244)
Adjustments for prior years
-
-
Total current tax expense
-
-
Deferred income tax
Decrease in deferred taxes (note 6(e))
531
177*
Total deferred tax expense
531
177
Adjustment for prior years
(10)
-
Income tax expense
521
177
Pg 45
Acumentis Annual Report 2025
(b)
Reconciliation of income tax expense to prima facie tax payable
5
Financial assets and financial liabilities
This note provides information about the Consolidated Entity’s financial instruments, including:
•
An overview of all financial instruments held by the Consolidated Entity;
•
Specific information about each type of financial instrument;
•
Accounting policies; and
•
Information about determining the fair value of the instruments, including judgements and estimation uncertainty
involved.
The Consolidated Entity holds the following financial instruments:
2025
$000
2024
$000
Profit from continuing operations before tax
1,701
1,502*
Prima facie income tax payable calculated at 30% on profit
510
451*
Increase / (decrease) in income tax expense due to:
- Non-deductible entertainment expenses
21
25
- Effect of fair value adjustment on early settlement of deferred,
contingent consideration
-
(299)
531
177
Adjustments for prior years
(10)
-
Income tax expense
521
177
Financial assets at amortised cost
Note
2025
$000
2024
$000
Cash and cash equivalents
5(a)
4,429
4,140
Term deposits
5(b)
713
940
Trade and other receivables
5(c)
5,864
5,702
Other financial assets
5(d)
173
280
11,179
11,062
Financial liabilities at amortised cost
Trade and other payables
5(e)
3,773
4,240
Borrowings
5(f)
-
39
Lease liabilities
5(g)
2,051
1,939
Deferred fixed consideration
5(h)
-
134
5,824
6,352
Financial liabilities at fair value
Deferred contingent consideration
5(h)
111
153
*These numbers have been restated. Refer to note 10 for details.
Pg 46
Acumentis Annual Report 2025
(a)
Cash and cash equivalents
The receivables finance facility is able to be drawn down without notice and funds are immediately available. Receipts
from trade receivables are banked into a specific bank account which is swept each day to credit the receivables
finance account. As a result, the receivables finance account balance may fluctuate between being positive to being
negative.
The receivables finance account forms an integral part of the Consolidated Entity’s cash management and is operated
as though it was a bank account with an overdraft facility.
The receivables finance facility account is therefore included in cash and cash equivalents in accordance with the
requirements and definitions in Australian Accounting Standard AASB107 Cash Flow Statements.
Access was available at the reporting date to the following lines of credit:
The receivables finance facility may be drawn at any time, may be terminated by the bank without notice and is
secured via floating charges over the trade receivables of the Consolidated Entity together with fixed and floating
charges of the other assets and business of the Consolidated Entity.
The facility carries interest at the 30-day bank bill rate plus a margin of 1.35%. The current rate is 6.26%. A line fee
of 1.75% is also charged.
The facility is subject to annual review with the next review in October 2025.
(b)
Term deposits
Current
2025
$000
2024
$000
Term Deposits
243
261
Non-current
Term Deposits
470
679
Total
713
940
Available
2025
$000
2024
$000
Receivables finance facility
3,000
3,000
Unused at reporting date
Receivables finance facility
3,000
3,000
2025
$000
2024
$000
Cash at bank and on hand
4,164
3,945
Receivables finance facility
265
195
Cash and cash equivalents in the Statement of Cash Flows
4,429
4,140
Pg 47
Acumentis Annual Report 2025
Term deposits are held to provide security for bank guarantees, which are required for property leases and a customer
contract. Property leases are typically for fixed periods of up to 7 years but may include extension options. Term deposits
have maturities ranging from 1 to 12 months, however will be rolled over for as long as bank guarantees are required to
be kept.
(c)
Trade and other receivables
(i)
Classification as trade and other receivables
Trade receivables are amounts due from customers for services performed in the ordinary course of business.
Other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market. If collection of the amounts is expected in one year or less they are classified as current
assets. If not, they are presented as non-current assets. Trade receivables are generally due for settlement
within 30 days and therefore are all classified as current. The Consolidated Entity’s impairment policy for trade
and other receivables is outlined in note 12(a).
(ii)
Fair values of trade and other receivables
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as
their fair value.
(iii)
Impairment and risk exposure
Information about the impairment of trade and other receivables, their credit quality and the Consolidated
Entity’s exposure to credit risk, foreign currency risk and interest rate risk can be found in note 12(a).
Current
2025
$000
2024
$000
Trade receivables
5,907
5,738
Less: provision for expected credit losses
(95)
(82)
Other receivables
52
46
5,864
5,702
Pg 48
Acumentis Annual Report 2025
(d)
Other financial assets
(e)
Trade and other payables
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and
other payables are considered to be the same as their fair values, due to their short-term nature.
(f)
Borrowings
Current
2025
$000
2024
$000
Motor vehicle loan
-
8
Non-Current
Motor vehicle loan
-
31
Total
-
39
Current
2025
$000
2024
$000
Lease receivable – right of use assets
-
95
Employee loans (note 19(d))
173
10
173
105
Non-current
Lease receivable – right of use assets
-
-
Employee loans (note 19(d))
-
175
-
175
Total
173
280
Current
2025
$000
2024
$000
Trade payables
942
739
Other payables and accrued expenses
2,831
3,401
3,773
4,140
Non-current
Other payables and accrued expenses
-
100
Total
3,773
4,240
Pg 49
Acumentis Annual Report 2025
Movement in bank loans
Secured liabilities
The motor vehicle loan carried fixed interest at 3.49% and had total repayments of $836 per month. The motor
vehicle loan was secured by fixed charge over the related motor vehicle. The loan was repaid on 8 April 2025.
(g)
Lease liabilities
Secured liabilities
Lease liabilities are effectively secured as the interests in the right of use assets recognised in the financial statements
revert to the lessor in the event of default.
Motor vehicle
loan
$000
Balance as at 1 July 2023
47
Acquisition of controlled entity
-
Repayments
(8)
Balance as at 30 June 2024
39
Balance as at 1 July 2024
39
Advances
-
Repayments
(39)
Balance as at 30 June 2025
-
Current
2025
$000
2024
$000
Lease liabilities – right of use assets
883
1,179
Non-Current
Lease liabilities – right of use assets
1,168
760
Total
2,051
1,939
Payable as follows
Within one year
1,075
1,244
One year or later and no later than five years
1,153
799
Later than five years
-
-
2,228
2,043
Future finance charges
(177)
(104)
Recognised as a liability
2,051
1,939
Pg 50
Acumentis Annual Report 2025
(h)
Deferred consideration
Deferred consideration relates to the acquisition of Acumentis (WA) Holdings Pty Ltd (“ACU WA”) on 1 July 2021, the
acquisition Acumentis (SA) Pty Ltd (“ACU SA”) on 1 February 2022 and the acquisition of the business and assets of
Gill Wright & Associates Business Valuations (“GWA”) on 1 February 2024.
(i)
Contingent consideration
Contingent consideration of $797,000 was recognised for the acquisition of ACU WA, $466,000 for the acquisition of
ACU SA and $153,000 for the acquisition of GWA.
In May 2024, Acumentis reached agreement with the vendors of ACU WA and ACU SA to settle the deferred, contingent
consideration early at reduced amounts of $240,000 for ACU WA and $27,778 for ACU SA. 50% of these amounts
were settled via the issue of Acumentis ordinary shares on 21 May 2024 with the balance paid in cash on 19 July
2024. The early settlement resulted in a fair value adjustment recognised within other income of $557,000 for ACU
WA and $438,000 for ACU SA.
The fair value of the contingent consideration for GWA is based upon estimates of revenues generated by the acquired
business for the period to January 2027. These estimates are based on pre-acquisition trading and managements’
assessments of growth to be achieved when the business is integrated into the wider Acumentis group.
Contingent consideration has not been discounted to its present value as the effect is not material.
Current
2025
$000
2024
$000
Fixed consideration - Early settlement of deferred consideration
ACU WA payable 19 July 2024
-
120
ACU SA payable 19 July 2024
-
14
-
134
Contingent consideration
GWA payable March 2025
-
42
GWA payable March 2026
51
-
51
176
Non-Current
Contingent consideration
GWA payable March 2026
-
51
GWA payable March 2027
60
60
60
111
Total
111
287
Pg 51
Acumentis Annual Report 2025
Movement in deferred contingent consideration
The deferred contingent consideration liability represents the fair value of amounts which may become payable in
March 2026 & 2027 in connection with the acquisition of GWA. The amount payable is dependent on the acquired
businesses performance over the three years ending 31 January 2027.
The deferred consideration was measured as at 30 June 2025 and no adjustment was required to be recorded for the
year ended 30 June 2025.
6
Non-financial assets and liabilities
This note provides information about the Consolidated Entity’s non-financial assets and liabilities, including:
•
Specific information about each type of non-financial asset and non-financial liability:
•
Accounting policies; and
•
Information about determining the fair value of the assets and liabilities, including judgements and estimation
uncertainty involved.
2025
$000
2024
$000
Balance at 1 July
153
1,263
Acquisition of GWA
-
153
Settled early
• ACU WA
-
(240)
• ACU SA
-
(28)
Fair value adjustment recognised in other income
• ACU WA
-
(557)
• ACU SA
-
(438)
GWA contingent consideration paid in April 2025
(42)
-
Balance at 30 June
111
153
- Plant and equipment (note 6(a))
- Right of use assets (note 6(b))
- Intangible assets (note 6(c))
- Current tax liabilities (note 6(d))
- Deferred tax balances (note 6(e))
- Other current assets (note 6(f))
- Employee benefit obligations (note 6(g))
- Provisions (note 6(h))
Pg 52
Acumentis Annual Report 2025
(a)
Plant & equipment
(i)
Recognition and measurement
Items of plant and equipment are stated at cost less accumulated depreciation (see below) and impairment
losses.
When parts of an item of plant and equipment have different useful lives, they are accounted for as separate
items (major components) of plant and equipment.
Gains and losses on disposal of an item of plant and equipment are determined by comparing the proceeds
from disposal with the carrying amount of plant and equipment and are recognised net within “other income”
in the Statement of Profit & Loss and Other Comprehensive Income.
Cost
Office
Equipment
$000
Furniture and
Fittings
$000
Leasehold
Improvements
$000
Motor
Vehicles
$000
Total
$000
Balance at 1 July 2023
2,198
573
421
68
3,260
Additions
191
18
347
-
556
Disposals
(21)
-
(40)
-
(61)
Balance at 30 June 2024
2,368
591
728
68
3,755
Balance at 1 July 2024
2,368
591
728
68
3,755
Additions
304
26
12
-
342
Disposals
(3)
-
(230)
(68)
(301)
Balance at 30 June 2025
2,669
617
510
-
3,796
Accumulated Depreciation
Balance at 1 July 2023
1,691
466
337
29
2,523
Depreciation charge for the year
325
38
311
10
684
Disposals
(21)
-
(40)
-
(61)
Balance at 30 June 2024
1,995
504
608
39
3,146
Balance at 1 July 2024
1,995
504
608
39
3,146
Depreciation charge for the year
295
36
76
7
414
Disposals
-
-
(230)
(46)
(276)
Balance at 30 June 2025
2,290
540
454
-
3,284
Carrying Amounts
1 July 2023
507
107
84
39
737
30 June 2024
373
87
120
29
609
1 July 2024
373
87
120
29
609
30 June 2025
379
77
56
-
512
Pg 53
Acumentis Annual Report 2025
(ii)
Depreciation
Depreciation is charged to the Statement of Profit & Loss and Other Comprehensive Income on a straight-
line basis over the estimated useful lives of each part of an item of plant and equipment.
The estimated useful lives in the current and comparative periods are as follows:
•
Office equipment
2-5 years
•
Furniture and fittings
4-5 years
•
Leasehold improvements lesser of life of the lease or 10 years
•
Motor vehicles
5 years
The residual value, the useful life and the depreciation method applied to an asset are reassessed at least
annually.
(b)
Right of use assets
(i)
Amounts recognised in the consolidated statement of financial position
Cost
Buildings
$000
Office Equipment
$000
Total
$000
Balance at 1 July 2023
4,265
208
4,473
Additions
465
-
465
Disposals
(311)
(208)
(519)
Balance at 30 June 2024
4,419
-
4,419
Balance at 1 July 2024
4,419
-
4,419
Additions
1,478
111
1,589
Disposals
(2,343)
-
(2,343)
Balance at 30 June 2025
3,554
111
3,665
Accumulated Depreciation
Balance at 1 July 2023
1,830
138
1,968
Depreciation charge for the year
1,203
70
1,273
Disposals
(258)
(208)
(466)
Balance at 30 June 2024
2,775
-
2,775
Balance at 1 July 2024
2,775
-
2,775
Depreciation charge for the year
1,244
31
1,275
Disposals
(2,311)
-
(2,311)
Balance at 30 June 2025
1,708
31
1,739
Carrying Amounts
1 July 2023
2,435
70
2,505
30 June 2024
1,644
-
1,644
1 July 2024
1,644
-
1,644
30 June 2025
1,846
80
1,926
Lease liabilities
2025
$000
2024
$000
Current
883
1,179
Non-current
1,168
760
2,051
1,939
Pg 54
Acumentis Annual Report 2025
(ii) Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
The total cash outflow for leases in 2025 was $1,477,000 (2024: $1,859,000).
Depreciation is charged to the Statement of Profit & Loss and Other Comprehensive Income on a straight-
line basis over the shorter of the lease term and their useful lives, unless it is reasonably certain that the
Consolidated Entity will obtain ownership by the end of the lease term.
The estimated useful lives in the current and comparative periods for right of use assets is the life of the
underlying lease.
(iii)
The Consolidated Entities leasing activities and how these are accounted for
The Consolidated Entity leases offices, equipment and software. Contracts are typically for fixed periods of
up to 7 years but may include extension options.
Contracts may contain both lease and non-lease components. The Consolidated Entity allocates the
consideration in the contract to the lease and non-lease components based on their relative stand-alone
prices, however for leases of real estate for which the Consolidated Entity is the lessee, it has elected not
to separate lease and non-lease components and instead accounts for these as a single lease component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
These agreements do not impose covenants other than the security interests in the leased assets that are
held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased
asset is available for use by the Consolidated Entity.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities
include the net present value of the following lease payments:
•
fixed payments, less incentives receivable;
•
variable payments that are based on an index or rate, initially measured using the index or rate as at
the commencement date; and
•
amounts expected to be payable under residual value guarantees.
Lease payments to be made under reasonably certain extension options are also included in the measurement
of liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
determined, the lessee’s incremental borrowing rate is used.
Lease payments are allocated between principal and finance cost with the finance cost charged to the profit
Depreciation and impairment charge of right of use assets
2025
$000
2024
$000
Buildings
1,244
1,203
Office equipment
31
70
1,275
1,273
Interest expenses (included in finance expenses)
141
138
Expenses relating to short term leases (included in occupancy
expenses)
268
183
Pg 55
Acumentis Annual Report 2025
and loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance
of the liability for each period.
Right of use assets are measured at cost comprising the following:
•
the amount of the initial measurement of the lease liability;
•
any lease payments made at or before the commencement date less any lease incentives received;
•
any initial direct costs; and
•
restoration costs.
Right of use assets are generally depreciated over the shorter of the asset’s useful life and the lease term
on a straight-line basis.
Payments associated with short term leases (with a term of 12 months or less) or low value assets are
recognised on a straight-line basis as an expense in the profit or loss.
(c)
Intangible assets
(i)
Goodwill
The acquisition method of accounting is used to account for all business combinations, regardless of
whether equity instruments or other assets are acquired. The consideration transferred for the acquisition
of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity
interests issued by the Consolidated Entity.
Where the acquired subsidiary has significant long-term contracts or other customer relationships the
future value of these relationships is assessed and is included as an asset in the fair value, above, of assets
transferred.
Goodwill on the acquisition of subsidiaries is included in intangible assets. Goodwill is not amortised but it is
tested for impairment annually or more frequently if events or changes in circumstances indicate that it might
be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash
generating units for the purpose of impairment testing. The allocation is made to those cash generating
units or groups of cash generating units that are expected to benefit from the business combination in which
the goodwill arose.
(ii)
Subsequent expenditure
Subsequent expenditure on capitalised intangible assets excluding goodwill is capitalised only when
it increases the future economic benefits embodied in the specific asset to which it relates. All other
expenditure is expensed as incurred.
Notes
2025
$000
2024
$000
Goodwill
(i) – (iv)
20,567
20,567
Computer software
(v)
540
821
Trademarks
(vi)
241
241
21,348
21,629
Pg 56
Acumentis Annual Report 2025
(iii)
Impairment tests for goodwill
Goodwill has an indefinite useful live and is not amortised. The goodwill amounts are tested for impairment
annually by estimating the recoverable amount of the cash generating units (CGU) based on value in use.
The following cash generating units have significant carrying amounts for goodwill:
Following a restructure of the Group’s operations, goodwill has been reallocated to reflect the revised CGU
structure. This reallocation was performed in accordance with AASB 136 Impairment of Assets, which
requires goodwill to be assigned to CGUs that represent the lowest level at which it is monitored for internal
management purposes.
(iv)
Impairment review and charge
The Company tests whether goodwill has suffered any impairment on a six-monthly basis. The recoverable
amount of cash generating units is determined based on value in use calculations which require the use of
assumptions.
The calculations use cash flow projections based on financial forecasts approved by management covering
the 12 months post reporting date. Cash flows beyond the 12-month period are extrapolated using the
estimated growth rates stated below.
Goodwill
2025
$000
2024
$000
Residential valuations
8,745
3,016
Regional valuations
10,915
9,486
WA Business
-
6,393
SA Business
-
1,429
Commercial valuations
664
-
Business valuations
243
243
20,567
20,567
Movement in Goodwill
2025
$000
2024
$000
Balance at 1 July
20,567
20,324
Acquisition of unincorporated business (note 14(a))
-
243
Impairment charge
-
-
Balance at 30 June
20,567
20,567
Residential
Business
Regional
Business
WA
Business
SA
Business
Business
Valuations
30 June 2025
Annual increase in revenues
3.0%
3.0%
n/a
n/a
5.0%
Increase in employee expenses as a % of
increased revenues
55.0%
55.0%
n/a
n/a
55.0%
Annual increase in overheads
3.0%
3.0%
n/a
n/a
3.0%
Terminal growth rate
2.0%
2.0%
n/a
n/a
2.0%
Discount rate
15.3%
15.3%
n/a
n/a
15.3%
30 June 2024
Annual increase in revenues
3.0%
3.0%
3.0%
5.0%
5.0%
Increase in employee expenses as a % of
increased revenues
55.0%
55.0%
55.0%
55.0%
55.0%
Annual increase in overheads
3.0%
3.0%
3.0%
3.0%
3.0%
Terminal growth rate
2.0%
2.0%
2.0%
2.0%
2.0%
Discount rate
15.6%
15.6%
15.6%
15.6%
15.6%
Pg 57
Acumentis Annual Report 2025
Management has determined the values assigned to each of the key assumptions as follows:
Impact of reasonably possible changes in key assumptions
Business Valuations
The recoverable amount of the Business Valuations business cash generating unit is estimated to exceed
the carrying amount of the cash generating unit at 30 June 2025 by $226,000 (30 June 24: $122,000).
The recoverable amount at 30 June 2025 would equal its carrying amount if the key assumptions were to
changes as follows:
Residential Valuations
The recoverable amount of the Residential Valuations business cash generating unit is estimated to
exceed the carrying amount of the cash generating unit at 30 June 2025 by $4,683,000.
The recoverable amount at 30 June 2025 would equal its carrying amount if the key assumptions were to
changes as follows:
Assumption
Revenues
Employee
expenses
Overheads
Terminal
growth rate
Discount rate
Approach used to determine values
Annual growth rate based on past performance, current and expected market
conditions and management’s expectations of business development opportunities
and likelihood of success.
Based on past performance and management’s expectations for the future.
Fixed and semi-variable costs of the cash generating units, which do not vary
significantly with revenue. Management forecasts these costs based on the current
structure of the business, adjusting for anticipated inflationary increases and known
restructuring and cost-saving measures.
This is conservatively set at a level below the long-term inflation rate in Australia. The
Company operates in a mature market sector and accordingly long-term growth will
be achieved via diversification in services, client base and geographies rather than
long term growth of existing business lines.
The pre-tax rate discount rate adopted is based on the risk-free interest rate and
business specific risk factors, market borrowing rates and investor expected returns.
From
To
Annual increase in revenues
5.0%
0.4%
From
To
Annual increase in revenues
3.0%
0.3%
Annual increase in overheads
3.0%
7.5%
Pg 58
Acumentis Annual Report 2025
Regional Valuations
The recoverable amount of the Regional Valuations business cash generating unit is estimated to exceed the
carrying amount of the cash generating unit at 30 June 2025 by $9,779,000.
The recoverable amount at 30 June 2025 would equal its carrying amount if the key assumptions were to
changes as follows:
Other cash generating units
Reasonably possible changes in key assumptions for other cash generating units would not result in the
recoverable amounts equalling their carrying values.
(v)
Computer software
Costs incurred in developing products or systems and costs incurred in acquiring software and licences
that will contribute to future period financial benefits through revenue generation and/or cost reduction are
capitalised to software and systems.
Costs capitalised include external direct costs of materials and service and direct payroll and payroll related
costs of employees’ time spent on the project.
IT development costs include only those costs directly attributable to the development phase and are only
recognised following completion of technical feasibility and where the Consolidated Entity has an intention
and ability to use the asset.
Amortisation is calculated on a straight-line basis over periods generally ranging from 3 to 5 years.
In 2024, the Company booked an impairment charge against previously capitalised software which is now
deemed obsolete as the company’s strategy is to move away from in-house developed software to use of
cloud-based systems and “low-code / no-code” platforms to support the business.
From
To
Annual increase in revenues
3.0%
(0.5%)
Movement in computer software
2025
$000
2024
$000
Balance at 1 July
821
1,575
Additions
75
81
Amortisation
(356)
(558)
Impairment charge for obsolete software
-
(273)
Disposals
-
(4)
Balance at 30 June
540
821
Pg 59
Acumentis Annual Report 2025
(vi)
Trademarks
Trademarks have indefinite useful lives and are not amortised. Trademarks are tested for impairment
annually by estimating the recoverable amount of the cash generating units based on value in use.
(d)
Current tax liabilities
The current tax liability for the Consolidated Entity of $Nil (2024: $Nil) represents the amount of income
taxes payable in respect of current and prior financial periods. In accordance with the tax consolidation
legislation, Acumentis Group Limited as the head entity of the Australian tax-consolidated group has
assumed responsibility for the current tax asset/liability initially recognised by the members in the tax-
consolidated group.
Income tax on the Statement of Profit & Loss and Other Comprehensive Income for the year comprises
current and deferred tax. Income tax is recognised in the Statement of Profit & Loss and Other
Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which
case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of
previous years.
The Company and its wholly owned Australian resident entities have formed a tax-consolidated group
with effect from 1 July 2003 and are therefore taxed as a single entity from that date. Newly acquired
wholly owned entities are immediately added to the tax-consolidation group. The head entity within the
tax-consolidated group is Acumentis Group Limited.
(i)
Tax consolidation
Current tax expense/income, deferred tax liabilities and deferred tax assets arising from temporary
differences of the members of the tax-consolidated group are recognised in the separate financial
statements of the members of the tax-consolidated group using the group allocation approach by reference
to the carrying amounts of assets and liabilities in the separate financial statements of each entity and the
tax values applying under tax consolidation.
Any current tax liabilities (or assets) and deferred tax assets arising from unused tax losses of the
subsidiaries are assumed by the head entity in the tax-consolidated group and are recognised as amounts
payable (receivable) to (from) other entities in the tax-consolidated group in conjunction with any tax
funding arrangement amounts (refer below). Any difference between these amounts is recognised by the
Movement in trademarks
2025
$000
2024
$000
Balance at 1 July
241
241
Disposals
-
-
Balance at 30 June
241
241
Current
2025
$000
2024
$000
Tax liability
-
28
Pg 60
Acumentis Annual Report 2025
Company as an equity contribution or distribution.
The Company recognises deferred tax assets arising from unused tax losses of the tax-consolidated group
to the extent that it is probable that future taxable profits of the tax-consolidated group will be available
against which the tax losses can be utilised.
Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a result of
revised assessments of the probability of recoverability are recognised by the head entity only.
(ii)
Nature of tax funding arrangements and tax sharing arrangements
The head entity, in conjunction with other members of the tax-consolidated group, has entered into a tax
funding arrangement which sets out the funding obligations of members of the tax-consolidated group in
respect of tax amounts. The tax funding arrangements require payments to/from the head entity equal to
the current tax liability (asset) assumed by the head entity and any tax-loss deferred tax asset assumed by
the head entity, resulting in the head entity recognising an inter-entity receivable (payable) equal in amount
to the tax liability (asset) assumed. Any such inter-entity receivables (payables) are at call.
Contributions to fund the current tax liabilities are payable as per the tax funding arrangement and reflect
the timing of the head entity’s obligation to make payments for tax liabilities to the relevant tax authorities.
The head entity in conjunction with other members of the tax-consolidated group has also entered into
a tax sharing agreement. The tax sharing agreement provides for the determination of the allocation of
income tax liabilities between the entities should the head entity default on its tax payment obligations. No
amounts have been recognised in the financial statements in respect of this agreement as payment of any
such amounts under the tax sharing agreement is considered remote.
(e)
Deferred tax balances
Deferred tax assets and liabilities are attributable to the following:
Recognised deferred tax assets
2025
$000
2024
$000
Right of use assets
38
89
Employee provisions
1,593
1,574*
Provision for expected credit losses
29
24
Accruals
120
129
Make good provisions
59
125
s40-880 ITAA 1936 “black hole” expenditure
28
42
Income tax losses carried forward
77
513
Finance lease assets
-
(29)
Plant and equipment
-
(9)
Other
99
106
2,043
2,564
Pg 61
Acumentis Annual Report 2025
Movement in temporary differences during the year
(f)
Other current assets
Deferred tax assets
Balance
1 July 24
$000
Recognised
in Profit &
Loss
$000
Balance
30 June 25
$000
Right of use assets
89
(51)
38
Employee provisions
1,574*
19
1,593
Provision for expected credit losses
24
5
29
Accruals
129
(9)
120
Make good provisions
125
(66)
59
S40-880 “black hole” expenditure
42
(14)
28
Income tax losses carried forward
513
(436)
77
Finance lease assets
(29)
29
-
Plant and equipment
(9)
9
-
Other
106
(7)
99
2,564
(521)
2,043
Deferred tax assets
Balance
1 July 23
$000
Recognised
in Profit &
Loss
$000
Balance
30 June 24
$000
Right of use assets
248
(159)
89
Employee provisions
1,504*
70*
1,574*
Provision for expected credit losses
45
(21)
24
Accruals
151
(22)
129
Make good provisions
42
83
125
S40-880 “black hole” expenditure
95
(53)
42
Income tax losses carried forward
757
(244)
513
Finance lease assets
(140)
111
(29)
Plant and equipment
(12)
3
(9)
Other
50
56
106
2,740
(176)
2,564
2025
$000
2024
$000
Prepaid expenses
1,276
1,203
*These numbers have been restated. Refer to note 10 for details.
Pg 62
Acumentis Annual Report 2025
(g)
Employee benefit obligations
The current portion of this liability includes all of the accrued annual leave, the unconditional entitlements to long service leave
where employees have completed the required period of service and also for those employees who are entitled to pro-rata
payments in certain circumstances. The entire amount of the annual leave provision is presented as current, since the group does
not have an unconditional right to defer settlement for any of these obligations.
The non-current portion of the long service leave liability is measured based on the present value of expected future payments to
be made in respect of services provided by employees up to the end of the reporting period. Consideration is given to expected
future wage and salary increases and past experience of employee retention. Expected future payments are discounted using
market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely
as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial
assumptions are recognised in profit or loss.
Based on past experience, the group does not expect all employees to take the full amount of accrued leave or require payment
within the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within the next 12 months.
(h)
Provisions
The provision has not been discounted to its present value as the effect is not material. It is expected that the expense
will be incurred within a 5-year period.
Current
2025
$000
2024
$000
Annual leave
1,958
2,076
Long service leave
2,756
2,544*
Performance pay
802
1,284
5,516
5,904
Non-Current
Long service leave
594
624*
2025
$000
2024
$000
Current obligations expected to be settled after 12 months
2,095
2,051*
Non-Current
2025
$000
2024
$000
Make Good
198
418
Movement in provision
Balance at 1 July
418
142
Net increase / (decrease) during year
(50)
276
Utilised during year
(170)
-
Balance at 30 June
198
418
*These numbers have been restated. Refer to note 10 for details.
*These numbers have been restated. Refer to note 10 for details.
Pg 63
Acumentis Annual Report 2025
7
Equity
(a)
Ordinary shares
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote
per share on a poll at meetings of the Company. On a show of hands, every shareholder present at a meeting or by proxy
is entitled to one vote. There are currently 221,455,046 ordinary fully paid shares on issue (2024: 219,955,046). Shares
have no par value, and the Company does not have a limited amount of capital.
On 21 May 2024, the Company issued 1,780,441 ordinary shares at 7.52 cents per share to settle the deferred,
contingent consideration payable in relation to the acquisitions of Acumentis (WA) Pty Ltd and Acumentis (SA) Pty Ltd.
On 12 July 2024, 1,000,000 performance rights were exercised by the Chief Executive Officer and 500,000 by the
Chief Financial Officer and Company Secretary, resulting in the issue of 1,500,000 ordinary shares at an issue price
of 7.10 cents per share.
(b)
Options to acquire ordinary shares
The holders of options are not entitled to receive dividends nor are they entitled to vote at meetings of the Company.
On 23 August 2019, 2,500,000 options were issued to the underwriter and lead manager of the share offer in part
consideration of the services provided. These options had an exercise price of $0.12 and an expiry date of 23 August
2023. The options were not exercised prior to the expiry date and so lapsed.
Share capital
Note
Number
$000
Balance at 30 June 2023
218,174,605
22,208
Settlement of deferred, contingent consideration
Acumentis (WA) Pty Ltd
5(h)(i)
1,595,747
120
Acumentis (SA) Pty Ltd
5(h)(i)
184,694
14
Balance at 30 June 2024
219,955,046
22,342
Vested performance rights
1,500,000
107
Balance at 30 June 2025
221,455,046
22,449
Options
2025
Number
2024
Number
Balance at 1 July
-
2,500,000
Lapsed
-
(2,500,000)
Balance at 30 June
-
-
Pg 64
Acumentis Annual Report 2025
8
Other Reserves
9
Cash flow information
(a)
Reconciliation of profit after income tax to net cash inflow from operating activities
Share-based payments
30 June
2025
$000
30 June
2024
$000
Balance at 1 July
350
165
Shares issued on exercise of performance rights
(107)
-
Performance rights expense
88
185
Balance at 30 June
331
350
Notes
2025
$000
2024
$000
Profit for the period after tax
1,180
1,325*
Adjustments for the period
Depreciation, amortisation & impairment charges
2,044
2,790
Loss on disposal of fixed assets
-
57
Fair value adjustment on early settlement of deferred,
contingent consideration
5(h)(i)
-
(995)
Performance rights expense
88
185
3,312
3,362
Changes in assets & liabilities during the period net of
amounts relating to acquisition of controlled entities
(Increase)/decrease in trade and other receivables
5(c)
(162)
214
(Increase)/decrease in other financial assets
5(d)
107
370
(Increase)/decrease in deferred tax assets
6(e)
521
220*
(Increase)/decrease in other assets
6(f)
(73)
(132)
Increase/(decrease) in trade and other payables
5(e)
(467)
406
Increase/(decrease) in provision for income tax
6(d)
-
-
Increase/(decrease) in employee benefit obligations
6(g)
(418)
489*
Increase/(decrease) in provisions
6(h)
(220)
(71)
Net cash from operating activities
2,600
4,858
*These numbers have been restated. Refer to note 10 for details.
Pg 65
Acumentis Annual Report 2025
10
Restatement of prior period errors
During the year, the company identified a misstatement in the long service leave provision due to an error in the pay rates
used in the provision calculations. This has been corrected by restating comparative amounts.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
2024
Increase /
(decrease)
2024
Restated
Employee expenses
41,173
143
41,316
Income tax expense
220
(43)
177
2023
Increase /
(decrease)
2023
Restated
2024
Increase /
(decrease)
2024
Restated
Current Assets
Deferred tax assets
2,545
195
2,740
2,325
239
2,564
Current Liabilities
Employee benefits
4,897
451
5,348
5,260
644
5,904
Non-current liabilities
Employee benefits
446
198
644
475
149
624
Equity
Retained earnings
1,697
(454)
1,243
3,122
(554)
2,568
Pg 66
Acumentis Annual Report 2025
Pg 66
Acumentis Annual Report 2025
Risk
ASX:ACU FY24-25
Pg 67
Acumentis Annual Report 2025
RISK
This section of the notes discusses the Consolidated Entity’s exposure to various risks and shows how these could
affect the Consolidated Entity’s financial position and performance.
11
Significant estimates & judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom
equal the actual results. Management also needs to exercise judgement in applying the Consolidated Entity’s
accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed
information about each of these estimates and judgements is included in notes 1 to 7 together with information about
the basis of calculation for each affected line item in the financial statements.
The areas involving significant estimates or judgements and which have the potential for material impact to the
financials are:
•
Deferred contingent consideration (note 5(h))
•
Intangible assets (note 6(c))
•
Employee benefits (note 6(g))
12
Financial risk management
This note explains the Consolidated Entity’s exposure to financial risks and how these risks could affect the
Consolidated Entity’s future financial performance. Current year profit and loss information has been included where
relevant to add further context.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management
framework. The Chief Executive Officer and Chief Financial Officer are responsible for developing and monitoring risk
management policies.
Risk management policies are established to identify and analyse the risks faced by the Consolidated Entity, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Consolidated Entity’s activities. The
Consolidated Entity, through their training and management standards and procedures, aim to develop a disciplined
and constructive control environment in which all employees understand their roles and obligations.
Risk
Exposure arising from
Measurement
Management
Credit risk
Cash and cash equivalents, trade
receivables and debt investments and
contract assets
Ageing analysis
Credit ratings
Diversification of
bank deposits
Credit limits
Liquidity risk
Borrowings and other liabilities
Rolling cash flow
forecasts
Availability of
borrowing facilities
Interest rate risk
Long-term borrowings at variable
rates
Sensitivity analysis
Accept risk given low
levels of debt
Pg 68
Acumentis Annual Report 2025
The Consolidated Entity’s Audit & Risk Committee oversees how management monitors compliance with the
Consolidated Entity’s risk management policies and procedures and reviews the adequacy of the risk management
framework in relation to the risks faced by the Consolidated Entity.
(a)
Credit Risk
Credit risk is the risk of financial loss to the Consolidated Entity if a customer or counterparty to a financial instrument
fails to meet its contractual obligations and arises principally from the Consolidated Entity’s receivables from
wholesale and retail clients.
Trade and other receivables
The Consolidated Entity’s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The demographics of the Consolidated Entity’s customer base, including the default risk of the industry
and country, in which clients operate, has less of an influence on credit risk.
The Consolidated Entity has established a credit policy under which each new customer is analysed individually for
creditworthiness before the Consolidated Entity’s standard payment and delivery terms and conditions are offered.
Credit limits are established for each customer, these limits are reviewed regularly. Clients which fail to meet the
Consolidated Entity’s benchmark creditworthiness are placed on a restricted customer list and may transact with the
Consolidated Entity only on a prepayment basis.
In monitoring customer credit risk, clients are grouped according to their credit characteristics, including whether
they are an individual or legal entity, whether they are a wholesale, retail or end-user customer, geographic location,
industry, ageing profile, maturity and existence of previous financial difficulties. The Consolidated Entity’s trade and
other receivables relate mainly to the Consolidated Entity’s retail clients. The Consolidated Entity does not require
collateral in respect of trade and other receivables.
The Consolidated Entity has established an allowance for credit losses that represents their estimate of expected
credit losses in respect of trade and other receivables.
Exposure to credit risk
The carrying amount of the Consolidated Entity’s financial assets represents the maximum credit risk exposure.
The Consolidated Entity’s maximum exposure to credit risk at the end of the reporting period was:
Note
2025
$000
2024
$000
Trade and other receivables
5(c)
5,864
5,702
Other financial assets
5(d)
173
280
Cash and cash equivalents
5(a)
4,429
4,140
Term deposits & other
5(b)
713
940
11,179
11,062
Pg 69
Acumentis Annual Report 2025
The Consolidated Entity’s maximum exposure to credit risk for trade and other receivables before impairment losses
at the end of the reporting period by type of customer was:
Impairment Losses
The aging of the Consolidated Entity’s trade and other receivables and expected loss rates at the end of the reporting
period was:
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
The Consolidated entity applies the AASB 9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowances for all trade receivables. To measure the expected credit losses, trade receivables
have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on payment profiles of sales over a 5 year period ended 30 June 2024 and the
corresponding historical credit losses experienced over this period and to 30 June 2025 (for invoices raised prior to
30 June 2024). The historical loss rates are adjusted to reflect current and forward-looking macro-economic factors
that might impact the ability of customers to settle the receivables.
2025
$000
2024
$000
Financial clients
4,025
3,821
Non-financial clients
939
1,355
Government non-financial clients
995
608
5,959
5,784
The Consolidated Entity’s most significant clients included the following
amounts within trade and other receivables carrying amounts:
An Australian financial client
834
1,025
An Australian non-financial client
79
89
An Australian Government non-financial client
164
205
Gross
2025
$000
Expected
Loss Rate
2025
%
Impairment
2025
$000
Gross
2024
$000
Expected
Loss Rate
2024
%
Impairment
2024
$000
Not past due
4,462
0.0%
2
4,451
0.1%
4
Past due 0-30 days
1,010
0.3%
3
850
0.4%
3
Past due 31-120 days
381
1.3%
5
341
2.9%
10
Past due 121 days or more
106
80.2%
85
142
45.8%
65
5,959
95
5,784
82
2025
$000
2024
$000
Balance at 1 July
82
152
(Decrease) / Increase during year
13
(70)
Balance at 30 June
95
82
Pg 70
Acumentis Annual Report 2025
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no
reasonable expectation of recovery include, amongst others, the failure of the debtors to engage in a repayment plan
and the failure to make contractual payments for a period of greater than 120 days past due.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent
recoveries of amounts written off are credited against the same line item.
(b)
Liquidity risk
Liquidity risk is the risk that the Consolidated Entity will not be able to meet its financial obligations as they fall
due. The Consolidated Entity’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Consolidated Entity’s reputation.
Typically, the Consolidated Entity ensures that it has sufficient cash on demand to meet expected operational
expenses for a period of 45 to 60 days, including the servicing of financial obligations; this excludes the potential
impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
The following are the contractual maturities of financial liabilities, including estimated interest payments and
excluding the impact of netting arrangements:
(c)
Interest risk
Interest rate risk is the risk that changes in interest rates will affect the Consolidated Entity’s income and expenses or
the value of its holdings of financial instruments and financial liabilities. The objective of interest rate risk management
is to manage and control interest rate risk exposures within acceptable parameters, while optimising the return.
Interest rate risk is managed by seeking to maximise the yield achieved on cash held at bank and minimise the
interest rates incurred on borrowings.
Non-derivative financial
liabilities
Note
Carrying
Amount
$000
Contractual
cash flows
$000
Payable
6 months
or less
$000
Payable
between
6 and 12
months
$000
Payable
after 12
months
$000
30 June 2025
Trade and other payables
5(e)
3,773
3,773
3,773
-
-
Short and long term loans
5(f)
-
-
-
-
-
Lease liabilities
5(g)
2,051
2,051
470
414
1,167
Deferred consideration
5(h)
111
111
-
51
60
5,935
5,935
4,243
465
1,227
30 June 2024
Trade and other payables
5(e)
4,240
4,240
4,040
100
100
Short and long term loans
5(f)
39
39
4
4
31
Lease liabilities
5(g)
1,939
1,939
725
454
760
Deferred consideration
5(h)
287
287
134
42
111
6,505
6,505
4,903
600
1,002
Pg 71
Acumentis Annual Report 2025
At the end of the reporting period the interest rate profile of the Consolidated Entity’s interest-bearing financial
instruments and borrowings was:
(d)
Cash flow sensitivity analysis for rate instruments
The impact of interest rate changes on the profitability of the Consolidated Entity is likely to be immaterial.
(e)
Fair values
The Directors consider that the fair value of financial assets and financial liabilities of the Consolidated Entity
approximate their carrying amount.
(f)
Financial instruments at fair value
The Consolidated Entity has adopted the following fair value hierarchy in relation to its financial instruments that are
carried in the balance sheet at fair value:
Level 1
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2
Inputs, other than quoted prices included within Level 1, that are observable for the asset
or liability either directly (as prices) or indirectly (derived from prices).
Level 3
Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
Variable rate instruments
Note
2025
$000
2024
$000
Assets
- Cash and cash equivalents
5(a)
4,429
4,140
- Non-current financial assets
5(d)
173
10
- Cash and cash equivalents
5(a)
-
175
Liabilities
- Current borrowings
5(f)
-
8
- Non-current borrowings
5(f)
-
31
Fixed rate instruments
Assets
- Term deposits
5(b)
713
940
- Current financial assets
5(d)
-
95
Liabilities
- Current lease liabilities
5(g)
883
1,179
- Non-current lease liabilities
5(g)
1,168
760
Pg 72
Acumentis Annual Report 2025
The following table sets out the fair value of liabilities that are measured at fair value:
The fair value of the deferred contingent consideration is determined based on the expected payment which is dependent
upon the revenue for the acquired business for the three years ended 31 January 2025, 2026 and 2027. This unobservable
input is estimated by applying an annual growth in revenue of 18% over the remaining two years of the three year
measurement period.
If the weighted average growth in revenue changed then the deferred consideration would change as follows:
•
Growth in profit increased by 10%, deferred consideration would increase by $15,000
•
Growth in profit decreased by 10%, deferred consideration would decrease by $14,000
The amount is not discounted due to the immaterial impact that discounting would have.
13
Capital management
(a)
Risk management
The Company’s objectives when managing capital are to:
•
Safeguard their ability to continue as a going concern, so they can continue to provide returns to shareholders and
benefits to other stakeholders;
•
To maintain a capital structure that is appropriate for a professional services firm with limited tangible assets; and
•
To reduce the overall cost of capital.
In order to maintain or adjust capital structure, the Company may adjust the level of dividends to shareholders, return
capital to shareholders, issue new shares, source new debt finance or repay debt finance.
Level 1
$000
Level 2
$000
Level 3
$000
Total
$000
30 June 2025
Deferred contingent consideration (note 5(h))
-
-
111
111
30 June 2024
Level 1
$000
Level 2
$000
Level 3
$000
Total
$000
Deferred contingent consideration (note 5(h))
-
-
153
153
Pg 73
Acumentis Annual Report 2025
The Company monitors capital on the basis of the following gearing ratio:
The Company also monitors net working capital calculated as follows:
The net working capital increased during the year as a result of the improved trading performance.
The Company has access to a $3M receivables finance facility which does not require the Consolidated Entity to
comply with any financial covenants or capital restrictions.
Note
2025
$000
2024
$000
Borrowings
5(f)
-
39
Cash or cash equivalents
5(a)
(4,429)
(4,140)
(Net cash) / net debt
(4,429)
(4,101)
Total Equity
26,041
25,260
Net debt to equity ratio
(17%)
(16%)
Note
2025
$000
2024
$000
Cash or cash equivalents
5(a)
4,429
4,140
Trade and other receivables
5(c)
5,864
5,702
Trade and other payables
5(e)
(3,773)
(4,240)
Current borrowings
5(f)
-
(8)
Current tax liabilities
6(d)
-
-
Current deferred consideration
5(h)
(51)
(176)
Current employee benefit obligations
- Total
6(g)
(5,516)
(5,905)
- Expected to be settled after 12 months
6(g)
2,095
2,051
3,048
1,564
Net debt (borrowings minus cash or cash equivalents) / total equity
Pg 74
Acumentis Annual Report 2025
(b)
Dividends
(i)
Ordinary shares
Dividends recognised in the current and prior years by the Company are:
(ii)
Franked dividends
After the end of the reporting period, the directors have not declared a final dividend.
The above available amounts are based on the balance of the dividend franking account at the end of the
reporting period adjusted for:
a)
Franking credits that will arise from the payment of the current tax liabilities;
b)
Franking debits that will arise from the payment of dividends recognised as a liability at
the year-end; and
c)
Franking credits that will arise from the receipt of dividends recognised as receivables by
the tax consolidated group at the year-end.
The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare
dividends.
Cents per
share
Total amount
$000
Franked/
unfranked
Date of
Payment
2025
Final dividend for the year ended
30 June 2024
0.22
487
100%
13 September
2024
2024
No dividends declared
-
-
-
-
Dividend franking account
Company
2025
$000
Company
2024
$000
30% franking credits available to shareholders of Acumentis Group Limited
for subsequent financial years
1,871
2,079
Pg 75
Acumentis Annual Report 2025
THIS PAGE IS AN INTENTIONALLY BLANK PAGE
Pg 76
Acumentis Annual Report 2025
Group
structure
ASX:ACU FY24-25
Pg 76
Acumentis Annual Report 2025
Pg 77
Acumentis Annual Report 2025
GROUP STRUCTURE
This section provides information which will help users understand how the group structure affects the financial position
and performance of the Consolidated Entity as a whole. In particular, there is information about:
•
Changes to the structure that occurred during the year as a result of business combinations and the disposal of a
discontinued operation;
•
Transactions with non-controlling interests; and
•
Interests in joint operations.
A list of significant subsidiaries is provided in note 15(a). This note also discloses details about the Consolidated Entity’s
equity accounted investments.
14
Business combinations - Acquisitions
(a)
Gill Wright & Associates Business Valuations (“GWA”)
Summary of acquisition
Effective 1 February 2024, the Company acquired the business and assets of GWA.
Details of the purchase consideration, the net assets acquired, and goodwill were as follows:
Contingent consideration
Additional contingent consideration is payable calculated as 8.5% of net fees generated by the acquired business for
the 36 months following the acquisition date. Contingent consideration is payable within 2 months of each anniversary
of the acquisition date. The amounts provided in the financial statements are based on managements’ forecasts for
the acquired business.
$000
Details of the consideration transferred
Cash paid
94
Contingent consideration
Payable March 2025
42
Payable March 2026
51
Payable March 2027
60
247
Fair value of assets and liabilities acquired
Other current assets
7
Employee benefits
(3)
4
Goodwill
243
247
Net cashflows from acquisition
Cash paid
(94)
Pg 78
Acumentis Annual Report 2025
Acquisition costs
No acquisition costs were incurred.
(b)
Revenue & Profit Contribution
The GWA business contributed the following revenue and profit between the effective date of acquisition (1 February
2024) and the end of the financial year:
If the acquisitions had occurred on 1 July 2023, consolidated revenue and loss before tax would have been:
2024
$000
Revenue
194
Net profit / (loss) before tax
-
2024
$000
Revenue
582
Net profit before tax
-
Pg 79
Acumentis Annual Report 2025
15
Interests in other entities
(a)
Subsidiaries
The Consolidated Entity’s subsidiaries at 30 June 2025 are set out below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly by the Consolidated Entity, and the proportion of ownership interests
held equals the voting rights held by the Consolidated Entity. All entities are incorporated and operate in Australia only.
Ownership interest
held by the
Consolidated Entity
Ownership interest
held by non-
controlling
interests
Name of entity
2025
%
2024
%
2025
%
2024
%
Principal activities
Acumentis Pty Ltd
100
100
-
-
Valuations
Acumentis Brisbane Pty Ltd
100
100
-
-
Commercial valuations
Acumentis Gold Coast Pty Ltd
100
100
-
-
Commercial valuations
Acumentis Melbourne Pty Ltd
100
100
-
-
Commercial valuations
Acumentis Statutory Services Pty Ltd
100
100
-
-
Government valuations
Taylor Byrne Holdings Pty Ltd
100
100
-
-
Non-trading
Acumentis Regional Pty Ltd
100
100
-
-
Regional valuations
Lane Infrastructure Pty Ltd
100
100
-
-
Property advisory services
Acumentis Australia Pty Ltd
100
100
-
-
National valuation
contracting entity
Acumentis Management Pty Ltd
100
100
-
-
Group employer
Acumentis Advisory Pty Ltd
100
100
-
-
Non-trading
Hoolihan Valuations Pty Ltd
100
100
-
-
Non-trading
Acumentis (WA) Holdings Pty Ltd
100
100
-
-
Non-trading
Acumentis (WA) Pty Ltd
100
100
-
-
Valuations
Acumentis (WA) Advisory Pty Ltd
100
100
-
-
Property advisory services
HPG Nominees Pty Ltd
100
100
-
-
Franchisor
WA Property Valuers Pty Ltd
100
100
-
-
Non-trading
Acumentis (SA) Pty Ltd
100
100
-
-
Valuations
Acumentis Employee Benefits Pty Ltd
100
100
-
-
Trustee for employee share plan
Pg 80
Acumentis Annual Report 2025
Pg 80
Acumentis Annual Report 2025
Unrecognised
items
ASX:ACU FY24-25
Pg 81
Acumentis Annual Report 2025
UNRECOGNISED ITEMS
This section of the notes provides information about items that are not recognised in the financial statements as they do
not (yet) satisfy the recognition criteria.
16
Contingent liabilities
At 30 June 2025 there are no material contingent liabilities.
17
Commitments
Capital expenditure
The Consolidated Entity does not have any capital expenditure commitments at the end of the reporting period.
Under accounting standard AASB16 – Leases, except for leases with terms of 12 months or less or where the value of the
leased asset does not exceed $5,000, commitments under leases are now recorded on the statement of financial position.
Where the Consolidated Entity leases property and equipment under non-cancellable operating leases with lease terms
less than or equal to 12 months or with asset values less than or equal to $5,000 the leases continue to be accounted for
off consolidated statement of financial position with operating lease commitments disclosed in the above table.
Guarantees
Acumentis Group Limited has not entered into any guarantees, in the current or previous financial year, in relation to the
debts of its subsidiaries.
18
Events occurring after the reporting period
There were no events occurring after the reporting period that have a material impact on the financial statements or the
operating activities of Acumentis Group Limited.
Operating lease commitments
2025
$000
2024
$000
Within one year
470
353
One year or later and no later than five years
-
-
Later than five years
-
-
470
353
Pg 82
Acumentis Annual Report 2025
Other disclosures
ASX:ACU FY24-25
Pg 83
Acumentis Annual Report 2025
OTHER DISCLOSURES
This section of the notes includes other information that must be disclosed to comply with the accounting standards
and other pronouncements, but that is not immediately related to individual line items in the financial statements.
19
Related party transactions
(a)
Subsidiaries
Interests in subsidiaries are set out in note 15(a).
(b)
Key management personnel compensation
Detailed remuneration disclosures are provided in the remuneration report on pages 25 to 31.
(c)
Transactions with other related parties
The following transactions occurred with related parties:
Executive directors and other key management personnel
2025
$
2024
$
Short term employee benefits
1,051,316
1,009,960
Post-employment benefits
64,988
65,973
Long-term benefits
25,959
3,878
Share based payments
96,826
189,178
1,239,089
1,268,989
2025
$
2024
$
Group management fee income from associates & franchisees
21,450
21,450
Pg 84
Acumentis Annual Report 2025
(d)
Loans to related parties
20
Share-based payments
(a)
Employee option & performance rights plans
The directors at their discretion allocate share options or performance rights that entitle key management personnel
and senior employees to purchase shares in the entity. The terms of the options including vesting conditions and
performance criteria vary depending upon the incentive arrangements appropriate for key management personnel
and senior employees and are a part of an approved Employee Share Acquisition Scheme, which was approved by
shareholders at the 2018 Annual General Meeting and renewed for a further 3 years at the 2021 and 2024 Annual
General Meetings.
Movements in options during the period were as follows:
Performance rights were granted under the Acumentis Group Performance Rights and Option Plan which was approved
by shareholders at the 2018 Annual General Meeting and renewed at the 2021 and 2024 Annual General Meetings.
The Plan allows the Company to grant options or rights to selected key employees to acquire ordinary shares in the
Company. Participants are required to satisfy performance and service conditions at the time of the offer. The exercise
price for performance rights is nil. Rights cannot be transferred and are not quoted on the ASX.
2025
Average
Exercise
Price
2025
Number of
Options
2024
Average
Exercise
Price
2024
Number of
Options
As at 1 July
-
-
-
-
Exercised during the year
-
-
-
-
As at 30 June
-
-
-
-
Executive directors and other key management personnel
2025
$
2024
$
Balance at 1 July1
184,572
188,978
Interest charged
12,582
13,100
Loans advanced2
9,000
-
Loan & interest repayments received
(33,160)
(17,507)
Balance at 30 June
172,994
184,571
1.
The existing employee loan was advanced to a vendor shareholder of Acumentis (WA) Holdings Pty Ltd to enable retirement of debt secured against that
shareholder’s investment in Acumentis (WA) Holdings Pty Ltd. The loan carries interest at market rates, equal to the 6 monthly bank bill swap rate plus 2.6%. On
grant, this loan was repayable in full when the deferred, contingent consideration relating to the acquisition of Acumentis (WA) Holdings Pty Ltd was settled. When
the deferred, contingent consideration was settled early in May 2024 (refer note 5(h)) the terms were amended so that the loan now has minimum payments of
$20,000 capital plus accrued interest per calendar year. The loan is secured by the 2,606,565 ordinary shares in Acumentis Group Limited issued to the vendor
as part consideration for the acquisition. The employee has resigned and their employment was terminated on 31 July 2025 at which point the loan become
repayable in full.
2.
A $9,000 loan was provided to an employee to assist with personal financial hardship. The loan accrues interest at 8.62%, being the statutory Fringe Benefits Tax
rate for the year ending 31 March 2026. It is to be fully repaid by 31 October 2025 through payroll deductions.
Pg 85
Acumentis Annual Report 2025
Movements in performance rights during the period were as follows:
2025
Number of
Rights
2024
Number of
Rights
As at 1 July
10,140,000
2,316,000
Granted during the year
-
9,000,000
Forfeited during year
Failure to meet service condition
(2,000,000)
-
Failure to meet performance and market conditions
(1,140,000)
(1,176,000)
Vested and exercised during the year
(1,500,000)
-
As at 30 June
5,500,000
10,140,000
Pg 86
Acumentis Annual Report 2025
Grant date
20 Sep 21 &
28 Oct 21
25 Oct 22
25 Oct 23
25 Oct 23
25 Oct 23
Number of rights
Originally issued
1,680,000
1,140,000
1,500,000
1,500,000
6,000,000
Forfeited
(504,000)
-
-
-
-
Lapsed
(1,176,000)
(1,140,000)
(2,000,000)
Vested & exercised
-
-
(1,500,000)
-
-
On issue
-
-
-
1,500,000
4,000,000
Weighted average fair value at grant
date1 (cents)
13.25
6.92
6.05
5.76
5.48
Inputs into Monte Carlo and Binomial
valuation models used to determine fair
value
Share price at measurement date (cents)
15.00
8.60
6.30
6.30
6.30
Expected volatility
60%
60%
50%
50%
50%
Dividend yield
0%
0%
3-7%
3-7%
3-7%
Risk free interest rate
0.17%
3.50%
4.51%
4.43%
4.37%
Service Condition
The executive must remain employed from
grant date until the finalisation of the
statutory audit for the financial year
ended
30 Jun 24
30 Jun 25
30 Jun 24
30 Jun 25
30 Jun 26
Market Condition
Applicable to (% of rights)
The performance rights will vest if the
total shareholder return (“TSR”) for
Acumentis is at least equal to the TSR
for the ASX300 for the period
50%
1 Jul 21 –
30 Jun 24
50%
1 Jul 22 –
30 Jun 25
N/A
N/A
N/A
Performance Condition
Applicable to (% of rights)
The performance rights will vest pro-
rata based on the earnings per share of
Acumentis Group Limited being between
50%
2.5 & 3.4
cents for
FY24
50%
2.6 & 3.5
cents for
FY25
N/A
N/A
100%
1.0 & 2.0
cents for
FY26
Management estimate of likely outcome
of performance (non-market) condition
as at:
30 June 2024
0%
0%
N/A
N/A
100%
30 June 2023
100%
100%
N/A
N/A
N/A
Details of performance right valuations and vesting conditions are as follows:
1.
Rights granted subject to TSR condition are valued using Monte Carlo Simulation. Rights granted subject to EPS condition are valued using the Black-Scholes
model. Expected dividends were not incorporated into these measurements.
Pg 87
Acumentis Annual Report 2025
The Board has the discretion to adjust the number of rights that ultimately vest and/or the service condition period
if it forms the view that the unadjusted outcome is not appropriate to the circumstances that prevailed over the
measurement period.
The Board has discretion to determine that some or all unvested rights held lapse on a specified date if allowing
the rights to vest would, in the opinion of the Board, result in an inappropriate benefit to the rights holder. Such
circumstances would include joining a competitor or actions that harm the Company’s stakeholders.
In the case of fraud or misconduct, all unvested rights will be forfeited.
(b)
Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the period as part of employee
benefit expense were as follows:
21
Remuneration of auditors
2025
$
2024
$
Options
-
-
Performance rights
87,785
184,494
87,785
184,494
2025
$
2024
$
Audit services
Auditor of the Consolidated Entity – William Buck
Audit and review of the financial reports
225,000
220,000
Other services
Other William Buck related entities
Preparation & lodgement of taxation returns
10,175
9,690
Assurance on financial systems migration
7,500
-
Total services
229,690
243,790
Pg 88
Acumentis Annual Report 2025
22
Earnings per share
(a)
Basic earnings per share
The calculation of basic earnings per share was calculated as follows:
(b)
Diluted earnings per share
The calculation of diluted earnings per share was calculated as follows:
As at the date of this report there are no options over ordinary shares and 5,500,000 performance rights in the
Company.
2025
$000
2024
$000
Profit / (loss) attributable to ordinary shareholders
1,180
1,325*
Weighted average number of ordinary shares and potential
ordinary shares used as the denominator
Number
Number
Issued Ordinary Shares at 1 July
219,955,046
218,174,605
Shares issued during year
1,500,000
1,780,441
Issued Ordinary Shares at 30 June
221,455,046
219,955,046
Weighted average number of ordinary shares at 30 June
221,405,731
218,369,189
Options on issue at 30 June (note 7(b))
-
Performance rights on issue at 30 June (note 19(a))
5,500,000
10,140,000
Weighted average number of ordinary shares and potential ordinary shares at
30 June
226,905,731
228,509,189
Calculated diluted earnings per share
0.52 cents
0.58 cents*
2025
$000
2024
$000
Profit attributable to ordinary shareholders
1,180
1,325*
Weighted average number of shares used as the denominator
Number
Number
Issued Ordinary Shares at 1 July
219,955,046
218,174,605
Shares issued during year
1,500,000
1,780,441
Issued Ordinary Shares at 30 June
221,455,046
219,955,046
Weighted average number of ordinary shares at 30 June
221,405,731
218,369,189
Calculated basic earnings per share
0.53 cents
0.61 cents*
*These numbers have been restated. Refer to note 10 for details.
*These numbers have been restated. Refer to note 10 for details.
Pg 89
Acumentis Annual Report 2025
23
Parent entity financial information
The following information has been extracted from the books and records of the parent and has been prepared in
accordance with the accounting standards.
(a)
Statement of financial position
(b)
Statement of profit & loss and other comprehensive income
24
Going concern
The directors are satisfied that the going concern basis of preparation is appropriate and therefore the financial
information does not include any adjustments relating to the recoverability or classification of recorded asset amounts
or to the amounts or classification of liabilities that might be necessary should the company not be able to continue
as a going concern.
25
Summary of significant accounting policies
This note provides a list of the other potentially material accounting policies adopted in the preparation of these
consolidated financial statements to the extent they have not already been disclosed in the other notes above. These
policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements
are for the Consolidated Entity consisting of Acumentis Group Limited and its subsidiaries.
Assets
2025
$000
2024
Restated*
$000
Current assets
5,511
5,118
Non-current assets
55,295
55,793
Total assets
60,806
60,911
Liabilities
Current liabilities
33,361
31,751
Non-current liabilities
-
-
Total liabilities
33,361
31,751
Net assets
27,445
29,160
Equity
Issued capital
22,449
22,342
Retained earnings
4,665
6,468
Other reserves
331
350
Total equity
27,445
29,160
2025
$
2024
$
Total profit / (loss)
(1,803)
(2,374)
Total comprehensive income / (loss)
(1,803)
(2,374)
*These numbers have been restated. Refer to note 10 for details.
Pg 90
Acumentis Annual Report 2025
(a)
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards
and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. Acumentis
Group Limited is a for-profit entity for the purpose of preparing the financial statements.
(i)
Compliance with IFRS
The consolidated financial statements also comply with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB).
(ii)
Historical cost convention
The financial statements have been prepared on a historical cost basis, except for deferred consideration
which is recorded as a financial liability at fair value with changes recorded through the statement of profit
and loss and other comprehensive income.
(iii)
New and amended standards adopted by the Consolidated Entity
No new or amended standards were applicable to the Consolidated for the current financial year.
(iv)
New standards and interpretations not yet adopted
The AASB has issued new and amended accounting standards and interpretations that have mandatory
application dates for future reporting periods and which the Consolidated Entity has decided not to early
adopt. These standards are not expected to have a material impact on the Consolidated Entity in the current
or future reporting periods and on foreseeable future transactions.
(b)
Segment reporting
The Consolidated Entity’s operations and clients are located entirely in Australia.
The Consolidated Entity’s operating segments have been identified based on the segments analysed within
management reports. Based on these criteria, it has been determined that the Consolidated Entity only operates in
the Valuation segment, which provides valuation, research and advice services in relation to property and businesses.
Accordingly, no separate segment reporting is required.
(c)
Employee benefits
(i)
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits, that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service are recognised
in respect of employees’ services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit
obligations in the consolidated statement of financial position.
Pg 91
Acumentis Annual Report 2025
(ii)
Other long-term employee benefit obligations
The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service. They are therefore measured as
the present value of expected future payments to be made in respect of services provided by employees up
to the end of the reporting period using the projected unit credit method. Consideration is given to expected
future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the end of the reporting period of high-quality corporate
bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-
measurements as a result of experience adjustments and changes in actuarial assumptions are recognised
in profit or loss.
The obligations are presented as current liabilities in the consolidated statement of financial position if the
entity does not have an unconditional right to defer settlement for at least twelve months after the reporting
period, regardless of when the actual settlement is expected to occur.
(iii)
Post-employment obligations
The Consolidated Entity operates various defined contribution pension plans.
Pension obligations
For defined contribution plans, the Consolidated Entity pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual or voluntary basis. The Consolidated
Entity has no further payment obligations once the contributions have been paid. The contributions are
recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in the future payments is available.
(iv)
Share-based payments
Share-based compensation benefits are provided to employees via the Acumentis Group Employee Option
& Performance Rights Plan and an employee share scheme. Information relating to these schemes is set out
in note 30.
Employee options and performance rights
The fair value of options and performance rights granted under the Acumentis Group Limited Employee
Option and Performance Rights Plan is recognised as an employee benefits expense with a corresponding
increase in equity. The total amount to be expensed is determined by reference to the fair value of the
options and performance rights granted:
• Including any market performance conditions (e.g. the entity’s share price);
• Excluding the impact of any service and non-market performance vesting conditions (e.g. profitability,
sales growth targets and remaining an employee of the entity over a specified time period); and
• Excluding the impact of any non-vesting conditions (e.g. the requirement for employees to save or
holdings shares for a specific period of time).
The total expense is recognised over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the
number of options and performance rights that are expected to vest based on the non-market vesting and
service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with
a corresponding adjustment to equity.
Pg 92
Acumentis Annual Report 2025
The Employee Option and Performance Rights Plan is administered by the Acumentis Employee Share
Trust, which is not consolidated. When the options or performance rights are exercised, the trust transfers
the appropriate number of shares to the employee. The proceeds received net of any directly attributable
transaction costs are credited directly to equity.
(v)
Profit-sharing and bonus plans
The Consolidated Entity recognises a liability and an expense for bonuses and profit-sharing based on a
formula that takes into consideration the profit attributable to the company’s shareholders after certain
adjustments. The Consolidated Entity recognises a provision where contractually obliged or where there is a
past practice that has created a constructive obligation.
(vi)
Termination benefits
Termination benefits are payable when employment is terminated by the Consolidated Entity before the
normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The Consolidated Entity recognises termination benefits at the earlier of the following dates: (a) when the
Consolidated Entity can no longer withdraw the offer of those benefits; and (b) when the entity recognises
costs for a restructuring that is within the scope of AASB 137 and involves the payment of terminations
benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are
measured based on the number of employees expected to accept the offer. Benefits falling due more than
12 months after the end of the reporting period are discounted to present value.
(d)
Rounding of amounts
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of
amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with
the instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
Pg 93
Acumentis Annual Report 2025
THIS PAGE IS AN INTENTIONALLY BLANK PAGE
Pg 94
Acumentis Annual Report 2025
Consolidated entity
disclosure statement
ASX:ACU FY24-25
Pg 95
Acumentis Annual Report 2025
CONSOLIDATED ENTITY DISCLOSURE STATEMENT AS AT 30 JUNE 2025
Name of entity
Type of Entity
% of share
capital
Country of
incorporation
Australian resident
or foreign resident2
Acumentis Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Brisbane Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Gold Coast Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Melbourne Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Statutory Services Pty Ltd
Body corporate
100
Australia
Australian
Taylor Byrne Holdings Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Regional Pty Ltd
Body corporate
100
Australia
Australian
Lane Infrastructure Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Australia Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Management Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Advisory Pty Ltd
Body corporate
100
Australia
Australian
Hoolihan Valuations Pty Ltd
Body corporate
100
Australia
Australian
Acumentis (WA) Holdings Pty Ltd
Body corporate
100
Australia
Australian
Acumentis (WA) Pty Ltd
Body corporate
100
Australia
Australian
Acumentis (WA) Advisory Pty Ltd
Body corporate
100
Australia
Australian
HPG Nominees Pty Ltd
Body corporate
100
Australia
Australian
WA Property Valuers Pty Ltd
Body corporate
100
Australia
Australian
Acumentis (SA) Pty Ltd
Body corporate
100
Australia
Australian
Acumentis Employee Benefits Pty Ltd
Body corporate
100
Australia
Australian
Notes
1.
None of the entities noted above were trustees of trusts within the Consolidated Entity, partners in a partnership within the consolidated entity or participants in
a joint venture within the consolidated entity except for Acumentis Employee Benefits Pty Ltd which is trustee of the Employee Share Plan.
2.
Residency in accordance with the Income Tax Assessment Act 1997 (Cth)
Pg 96
Acumentis Annual Report 2025
Directors’
declaration
ASX:ACU FY24-25
Pg 97
Acumentis Annual Report 2025
DIRECTORS’ DECLARATION
1
In the opinion of the directors of Acumentis Group Limited (‘the Company’):
(a)
the financial statements and notes set out on pages 36 to 92 and the remuneration disclosures of
the Remuneration report in the Directors’ report, set out on pages 18 to 31, are in accordance with
the Corporations Act 2001, including:
(i) giving a true and fair view of the financial position of the Company and the Consolidated Entity
as at 30 June 2025 and of its performance, for the financial year ended on that date; and
(ii) complying with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Regulations 2001;
(b)
the financial report also complies with International Financial Reporting Standards
(c)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable;
(d) the Consolidated Entity Disclosure Statement set out on page 95 is true and correct.
2
The directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the
Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June 2024.
Dated at Sydney this 20th day of August 2025
Signed in accordance with a resolution of the directors:
Keith Perrett
Director
Pg 98
Acumentis Annual Report 2025
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS
Level 29, 66 Goulburn Street, Sydney NSW 2000
Level 7, 3 Horwood Place, Parramatta NSW 2150
Level 4, 23 National Circuit, Barton ACT 2600
+61 2 8263 4000
+61 2 8263 4000
+61 2 6126 8500
nsw.info@williambuck.com
nsw.info@williambuck.com
act.info@williambuck.com
williambuck.com
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Independent auditor’s report to the members of Acumentis Group
Limited
Report on the audit of the financial report
Our opinion on the financial report
In our opinion, the accompanying financial report of Acumentis Group Limited (the Company) and its
subsidiaries (the Consolidated Entity) is in accordance with the Corporations Act 2001, including:
— giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2025 and of its
financial performance for the year then ended; and
— complying with Australian Accounting Standards and the Corporations Regulations 2001.
What was audited?
We have audited the financial report of the Consolidated Entity, which comprises:
— the consolidated statement of financial position as at 30 June 2025,
— the consolidated statement of profit or loss and other comprehensive income for the year then ended,
— the consolidated statement of changes in equity for the year then ended,
— the consolidated statement of cash flows for the year then ended,
— notes to the financial statements, including material accounting policy information,
— the consolidated entity disclosure statement, and
— the directors’ declaration.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial report section of
our report. We are independent of the Consolidated Entity in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional &
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Pg 99
Acumentis Annual Report 2025
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Impairment
assessments -
Goodwill
Area of focus
(refer also to notes 6 (c), & 13(a))
The Consolidated Entity’s net assets
include a significant amount of intangible
assets, the majority of which have
originated from acquisitions in the prior
years.
As at 30 June 2025, the Consolidated
Entity’s net assets include Goodwill of
$20.5 million (2024: $20.5 million)
There is a risk that the Consolidated Entity
may not trade in line with initial
expectations and forecasts, resulting in the
carrying amount of intangible assets
exceeding the recoverable amount and
therefore requiring impairment.
In accordance with the requirements of
AASB 136 Impairment of Assets, the
Consolidated Entity is required to test
goodwill for impairment annually and
whenever there is an indicator of
impairment. The recoverable amount for
each Cash Generating Unit (CGU) to which
goodwill has been allocated has been
calculated based on value-in-use models,
which use discounted cash flow forecasts.
The Directors make judgements over
certain key inputs including, but not limited
to, revenue growth, gross margins,
discount rates, long term growth rates and
inflation rates.
Due to the high degree of judgement and
estimation involved in the determination of
the recoverable amount of each CGU, and
the significance of the carrying amounts
involved, we have determined that this is
an area of significance in our audit of the
financial report.
How our audit addressed the key
audit matter
Our audit procedures included:
— Giving consideration to and
performing an assessment of
management’s determination of
CGUs;
— A detailed evaluation of the
Consolidated Entity’s budgeting
procedures upon which the
forecasts are based and testing the
principles and integrity of the
discounted future cash flow models;
— Testing the accuracy of the
calculation derived from each
forecast model and assessing key
inputs to the calculations such as
revenue growth, gross margins,
discount rates and working capital
assumptions;
— Engaging our own valuation
specialists to critically evaluate the
appropriateness of the discount
rates and the long-term growth
rates used in the discounted cash
flow model;
— Reviewing the historical accuracy of
the forecasts by comparing actual
results with the original forecasts
from prior years
— Performing sensitivity analysis of
the calculations; and
— Assessing whether disclosure in the
financial report is appropriate.
Pg 100
Acumentis Annual Report 2025
Other information
The directors are responsible for the other information. The other information comprises the information
contained in the Directors’ Report but does not include the financial report and the auditor’s report thereon,
which we obtained prior to the date of this auditor’s report, and the annual report, which is expected to be
made available to us after this date.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
— the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
— the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Consolidated
Entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Consolidated Entity
or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at:
https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf
This description forms part of our auditor’s report.
Pg 101
Acumentis Annual Report 2025
Report on the Remuneration Report
Our opinion on the Remuneration Report
In our opinion, the Remuneration Report of Acumentis Group Limited, for the year ended 30 June 2025,
complies with section 300A of the Corporations Act 2001.
What was audited?
We have audited the Remuneration Report in the directors’ report for the year ended 30 June 2025.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
William Buck
Accountants & Advisors
ABN 16 021 300 521
Domenic Molluso
Partner
Sydney, 20 August 2025
Pg 102
Acumentis Annual Report 2025
ASX ADDITIONAL INFORMATION
Additional information required by the Australian Stock Exchange Limited Listing Rules and not disclosed elsewhere in
this report is set out below.
The Company was admitted to the Australian Stock Exchange under rule 1.3.2(b).
Shareholdings
Shareholding details are as at 31 July 2025.
Substantial shareholders
The number of shares held by substantial shareholders and their associates are set out below:
Distribution of equity security holders
Shareholder
Number of Ordinary Shares
Percentage
Redbrook Nominees Pty Ltd
39,980,328
17.5%
Newport Shipping Company Pty Limited
28,148,765
12.6%
Citicorp Nominees Pty Ltd
25,953,613
11.6%
Voting rights
Ordinary shares
Holders of ordinary shares are entitled to one vote per share at shareholder meetings.
Options
There are no voting rights attached to options
As at 30 June 2025 there were 221,455,046 ordinary shares on issue (note 7(a)).
On-market buy back
There is no current on-market buy back.
Unmarketable Parcels
The number of shareholders holding less than a marketable parcel of 6,756 shares (based
on closing price of $0.074 on 31 July 2025 is 284 and they hold 929,441 securities.
Category
Number of Shareholders
Number of shares
1 – 1,000
58
16,859
1,001 – 5,000
185
662,253
5,001 – 10,000
140
1,119,636
10,001 – 50,000
224
5,615,117
50,001 – 100,000
60
4,331,445
100,001 and over
148
211,209,736
Total
815
222,955,046
Pg 103
Acumentis Annual Report 2025
Name
Number of Ordinary Shares
Percentage
CITICORP NOMINEES PTY LIMITED
28,148,765
12.6%
NEWPORT SHIPPING COMPANY PTY LIMITED
19,555,041
8.8%
REDBROOK NOMINEES PTY LTD
16,401,766
7.4%
ACRES HOLDINGS PTY LTD
12,320,129
5.5%
KIUT INVESTMENTS PTY LTD
10,229,536
4.6%
ENABLE INVESTMENT MANAGER PTY LTD
6,323,817
2.8%
MR LESLIE PETER WOZNICZKA
5,720,000
2.6%
CAROSSAH PTY LTD
4,968,865
2.2%
STIBBCO INVESTMENTS PTY LTD
4,585,753
2.1%
NICKSON PTY LTD
4,104,216
1.8%
MS LYNETTE JANE ELLIS & MR JEFFREY GEORGE KEANE
3,562,879
1.6%
GOGORM SUPER PTY LTD
3,182,494
1.4%
KEVIN KING PTY LTD
3,136,069
1.4%
DRAGONFLY INVESTMENTS (QLD) PTY LTD
2,923,759
1.3%
NATHAN ALEXANDER KING
2,824,063
1.3%
MR NOEL EDWARD KAGI & MRS MICHELLE LEONIE KAGI
2,796,437
1.3%
BLAKE FRANCIS DEAN LIESCHKE
2,747,576
1.2%
ARKMIST PTY LTD
2,645,712
1.2%
VENTURA RESOURCES PTY LTD
2,622,199
1.2%
IAN D BOLEWSKI PTY LTD
2,433,212
1.1%
RAPTIS PROPERTY CONSULTANTS PTY LTD
2,433,212
1.1%
143,665,500
64.4%
Twenty largest shareholders
Company Secretary
John Wise
Principal registered office
Level 4, 35 Boundary Street
South Brisbane QLD 4001
Telephone
1300 882 401
Website
www.acumentis.com.au
Location of share registry
Automic Registry Services
Level 5, 126 Phillip Street
Sydney NSW 2000
Telephone 1300 288 664 (toll free within Australia)
+61 2 9698 5414 (outside Australia)
Email hello@automic.com.au
Stock exchange
The company is listed on the Australian Stock Exchange (“ACU”)
Other information
Acumentis Group Limited, incorporated and domiciled in Australia, is a publicly
listed company limited by shares.
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ACUMENTIS.COM.AU
Liability limited by a scheme approved under Professional Standards Legislation.