StepChange outpaces IPO forecasts
StepChange's FY25 results exceed prospectus forecasts, with key metrics including a growing number of billable consultants
The company has a big-name client list and strong track record as a leading SAP delivery partner for capital-intensive industries and major government clients
It plans to leverage the IPO momentum and capture more of large organisations' digital transformation spend in FY26 and beyond
Special Report: Freshly listed StepChange Holdings has wasted no time in outperforming the targets set out in its June IPO prospectus, delivering a strong first update to the market.
Aside from the financial measurements, there were other key demonstrations of the company's robust operations, with billable consultants at 30 June 2025 reaching 161 compared to a target of 143. Most of that growth came in the final quarter of FY25, and the numbers have remained strong post reporting period, illustrating building momentum into FY26.
The results follow on closely from the consultancy raising $14.7 million at 20¢ per share to join the ASX in early July with a market cap of around $32 million.
Specialising in delivering large-scale software projects, StepChange (ASX:STH) has built its business around helping mining, energy, utilities, and government clients implement, upgrade and optimise SAP S/4HANA – the world's leading enterprise resource planning (ERP) platform.
Its client list includes some of the towering names of Perth's city skyline including Woodside, BHP, CBH Group and Wesfarmers, as well as major government departments and trading enterprises.
German enterprise software giant SAP's flagship SAP S/4HANA product is used to manage core business functions including finance, supply chain, procurement, asset management, and human resources.
Designed for large, complex organisations, SAP S/4HANA provides a single integrated system that streamlines operations, improves data visibility and supports real-time decision-making.
Strong set of numbers
StepChange's FY25 results to date show it has edged past the numbers in its prospectus, booking $42.53 million in revenue versus the forecast $42.19 million; gross profit of $5.62 million against $5.57 million; statutory EBITDA of $3.81 million compared to $3.74 million; and normalised EBITDA of $4.02 million versus $3.94 million.
While the beats are modest in dollar terms, management says the results demonstrate the business is delivering exactly as promised, and in some areas better, in its first year as a listed company.
As the acquisition of StepChange Consultants occurred following the end of the 2025 financial year, the company will release the audited FY25 financial reports for both StepChange Holdings and StepChange Consultants on or before 25 August 2025. The acquisition was part of a larger transaction that included StepChange Holdings' IPO.
Local connections, global skills
StepChange is backed by WA business figures Shane Bransby and Geoff Lewis, the latter a co-founder of ASG Group (ASX:ASG), which sold for nearly $350 million in 2016. Adding to the WA flavour, premiership West Coast Eagles coach Adam Simpson is a director.
The company has built on its strong local connections and expertise for more than two decades, establishing a reputation as the go-to SAP delivery partner for capital-intensive industries seeking to transform their digital operations.
Managing Director Shane Bransby said: 'We are delighted to report a robust set of unaudited financial results for FY25, with StepChange Consultants exceeding the financial forecasts outlined in our Prospectus.
'This result provides strong momentum for StepChange Holdings heading into FY26, with our headcount growth already positioning us ahead of expectations.
'Achieving these results in a transaction year is even more pleasing, when our key principals have dedicated significant time to the acquisition and listing process. We look forward to now delivering on our growth strategy as part of the StepChange Holdings group.'
This article was developed in collaboration with StepChange Holdings, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as StepChange outpaces IPO forecasts in first ASX update
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