Objective Corporation is an Australian enterprise software company focused on governance, risk, compliance, planning, and digital transformation solutions predominantly used by government and regulated industries. It listed in 2000 and has never raised a cent in capital ever since!

Its business model is heavily subscription‑based with a strong emphasis on Annualised Recurring Revenue (ARR), which enhances revenue predictability and cash flow visibility.

For the financial year ended 30 June 2025, Objective reported group revenue of A$123.5m, a ~5% increase from the prior year’s A$117.5m, underscoring steady top‑line growth. The company also delivered improved profitability with net profit after tax rising ~13% to A$35.4m in FY25, supported by disciplined cost control and recurring licence revenues. Adjusted EBITDA was approximately A$46.5m with a margin near 39%, reflecting solid operational leverage. ARR grew meaningfully in FY25 (about 15% to roughly A$120m), with expansion across Content Solutions, Regulatory Solutions and Planning & Building segments, indicating broader customer adoption and stickier revenue streams.

The company maintained a strong balance sheet with cash reserves near A$99m and no external debt, providing capacity for investment and potential acquisitions, evidenced by its post‑year acquisition of Isovist Holdings, a planning software business, to expand product reach. In the first half of FY2026, revenue continued to rise (around 9% to roughly A$66.7m) with net profit up about 10%, and ARR still showing double‑digit growth, reinforcing momentum into the new year.

Objective also continued significant investment in R&D (spending around 28–30% of software revenue) to sustain its platform innovation, while declaring interim dividends. The recurring revenue base, rising ARR and robust profitability suggest a resilient mid‑cap tech business with defensive qualities in a slower growth market environment.

Austal is a global shipbuilder and defence contractor specialising in aluminium commercial vessels and high‑end naval assets, with customers including governments and defence forces, notably in Australia and the United States. It blends large industrial contract work with long‑term order backlogs, which supports revenue certainty and production planning.

In its FY25 full‑year results, Austal reported revenue of approximately A$1.82bn, up ~24% on the prior year, reflecting stronger contract execution and higher throughput. Profitability surged in FY25, with net profit after tax of around A$89.7m (versus A$14.9m in FY24), a dramatic year‑on‑year improvement as projects moved from early‑stage build phases to more stable, higher margin production.

A key driver was improved performance on existing contracts coupled with expansion of its order book, which stood near historic levels (above A$13b). The company also strengthened its balance sheet with a net cash position above A$450m and significant operating cash flows, though elected not to pay dividends in FY25 to support reinvestment and capacity expansion.

Austal’s defence pipeline is underpinned by strategic agreements — including its designation as Australia’s Strategic Shipbuilder — which could create decades of revenue visibility. In FY26 first half results, Austal continued strong growth with revenue up over 30% to ~A$1.1bn and net profit up roughly 21%, illustrating solid momentum as production scales. The company is investing heavily in expanding manufacturing capacity, particularly in the USA, while maintaining a substantial cash buffer to manage risk and future contract fulfilment.

While cyclicality and capital intensity remain inherent risks, Austal’s backlog strength and recent profit rebound make it a compelling industrial mid‑cap with tangible earnings growth and solid defence sector exposure

Cobram Estate Olives is a vertically integrated olive oil producer and branded food company, combining agricultural production with consumer packaged goods. It owns extensive olive groves and processing infrastructure in Australia and the USA and markets premium olive oil brands such as Cobram Estate® and Red Island®.

In FY25, the company posted strong sales growth with group olive oil sales revenue reaching about A$237.4 m, driven by double‑digit increases in both Australian and international packaged goods sales. The packaged goods segment grew substantially, with global branded sales up around 12% and Australian branded sales up over 16% year‑on‑year, reflecting robust consumer demand and product positioning in premium retail channels.

Profitability improved sharply in FY25 with EBITDA of around A$116.6m, up roughly 75% compared with the prior year, while net profit after tax expanded to about A$49.6m, underscoring meaningful margin improvement and operational leverage as volumes and pricing strength combined with cost efficiencies. Cobram Estate’s performance was boosted by exceptional olive harvest yields in FY25 and continued expansion of its US business; branded sales in the USA more than doubled, illustrating international growth potential.

The company also generated a record cash flow from operations of approximately A$83m, up nearly 30% year‑on‑year, supporting ongoing investment in production capacity and marketing. While half‑year figures for FY2026 show operating cash flow softness — reflecting timing of receipts — the underlying revenue base and profitability remain intact.

Cobram’s vertically integrated model — owning production through to retail shelf — coupled with growing branded penetration in the US and Australia positions it as an attractive consumer/agribusiness mid‑cap with strong earnings growth and solid financial performance.