Intelligent Monitoring Group Ltd (ASX:IMB) earlier this week outlined half-year results showing continued organic momentum and a transformational acquisition in New Zealand, positioning the company for accelerated growth.
Managing director Dennison Hambling said the company delivered underlying EBITDA of $19.2 million for the six months to December 31, 2025, representing a 9.2% increase and keeping it on track for full-year guidance of $43–47 million. Organic growth in Australia, which represents the majority of earnings, came in at 8.3%, with total group growth just under 9%.
Hambling acknowledged that New Zealand weighed on the half due to timing delays between the completion of a multi-year government upgrade programme and the commencement of new projects. However, he said activity has since returned to expected levels, supported by work at Auckland Airport’s domestic terminal and with Port of Auckland.
A key catalyst is the $40 million acquisition of Tyco New Zealand, comprising Red Wolf Security and Wormald. Hambling said the transaction significantly broadens the company’s customer base and service offering in New Zealand, transforming what had been a narrower commercial operation into a more diversified and robust platform.h
Interview highlights
- Underlying EBITDA of $19.2 million for H1 FY2026, up 9.2%
- On track for full-year underlying guidance of $43–47 million
- 8.3% organic growth in Australia; total group growth just under 9%
- New Zealand impacted by timing gap between major projects
- Performance in New Zealand now normalised
- $40 million acquisition of Tyco New Zealand completed
- Acquisition includes Red Wolf Security and Wormald
- Group sales pipeline up 36% quarter-on-quarter
- ADT strategy gaining traction across residential and commercial markets
- Focus shifting to accelerating organic growth beyond 8%
Continued growth for IMG with strong 2026 pipeline
Proactive: Intelligent Monitoring Group is positioning itself to become a leader in security and security-related services across Australasia. Joining me is managing director Dennison Hambling. Dennison, talk us through the highlights of the half-year results — the EBITDA and underlying growth.
Dennison Hambling: It was a solid half. We reported $19.2 million in underlying EBITDA, which puts us on track for full-year guidance of $43–47 million. The most important part of the result was the 8.3% organic growth in Australia, which is the bulk of our business. Total growth for the group was just under 9%. Traditionally, we are second-half weighted, as new installations and project work tend to close toward June. We’re now entering our busier months and are looking forward to a strong second half.
Proactive: There was a slower start in New Zealand. What caused that?
Dennison Hambling: New Zealand weighed on the result. It remains a narrower business than Australia, particularly on the commercial side. A large New Zealand government customer is coming to the end of a multi-year upgrade programme, and the timing between finishing that work and starting new projects was not ideal. We do have new work, including projects at Auckland Airport’s domestic terminal and with Port of Auckland. The timing mismatch created a slower start, but that has now normalised and we are back at expected run rates.
Proactive: Let’s turn to the $40 million acquisition of Tyco New Zealand.
Dennison Hambling: The acquisition includes Red Wolf Security, a high-security business based in Wellington, and Wormald, which has operated for over 100 years. This broadens our portfolio and strengthens our New Zealand position significantly. It transforms the business from being narrower to being far more robust and diversified.
Proactive: The pipeline is also growing?
Dennison Hambling: Yes. At the group level, the pipeline was up 36% quarter-on-quarter. Our strategy of revitalising ADT and rebuilding scale with direct labour technicians is working. New Zealand is improving, although still behind Australia, and we’re optimistic about conditions improving.
Proactive: You’ve also highlighted the operational impact of the ADT service.
Dennison Hambling: We have now supported police intervention in 44 events. Our most recent was in Brisbane, where police were activated after an attempted break-in. “We are incredibly proud to have stopped 44 events.” It demonstrates the value of what we provide.
Proactive: What should investors expect over the next few months?
Dennison Hambling: We have built the foundations over the past few years. Strategically, we now have what we need. The focus is accelerating organic growth beyond the current 8% level and improving efficiency. As that becomes visible in the numbers, we believe the business will become increasingly compelling.