Key Highlights

  • Revenue fell $4.2 million to $23,573,050, and profit before tax fell to $528,472 from $5,312,588, as the prior year included a net insurance recovery.
  • Core Manufacturing and distribution Revenue fell 10% to $23.2 million, and the retail Business (AustoYou and Koala Mall) was closed in November 2025.
  • Cash at year end was $18.00 million (FY25: $18.11 million), and dividends of $400,000 were declared.

Star Combo Pharma Limited (ASX:S66), a manufacturer and distributor of health food products and nutritional supplements, released its Appendix 4E preliminary final report for the year ended 30 June 2026 (FY26). The report was signed on 25 August 2026 and the financial statements have been audited with no disputes.

Headline results

Revenue from ordinary activities fell $4,238,498 to $23,573,050, a decline of 15% against FY25. Profit before tax attributable to owners was $528,472, compared with $5,312,588, and profit after tax attributable to owners was $1,176,626, down $4,075,716 from $5,252,342. Net tangible Assets per ordinary security were 0.28 against 0.27. Dividends of $400,000 were declared and provided for in the financial statements.

Why profit fell

The company's own reconciliation shows that FY25 profit included a net insurance recovery of $4,256,927, less an asset write-off of $879,673, relating to the October 2022 factory fires. FY26 included a smaller insurance recovery of $200,000. Excluding those items, net profit was $328,472, against $1,935,334 in FY25, so the Underlying Profit decline was also material. The company attributes lower revenue mainly to challenging economic conditions that reduced Demand and operating activity.

Core business and retail closure

OEM and own brands revenue fell 10% to $23.2 million from $25.8 million. Star Combo says it is implementing a strategy to become a leading Australian contract manufacturer in the vitamin and health supplements sector, and that it extended its client base by working with established brands that had sourced product elsewhere. The retail business, operated through AustoYou and Koala Mall, was closed in November 2025, with revenue of $0.3 million in FY26 against $2.0 million in FY25, after lower demand from China and the closure of the Australian shop.

Distribution and balance sheet

The company has distribution arrangements in Australia and overseas for proprietary lines including Living Healthy, Costar, Amax and J&K, and says domestic distribution strengthened with improved performance from Terry White Chemmart and other customers. It expects to secure longer-term arrangements in Asia in the near future, a statement the release does not support with a named agreement.

Cash on hand was $18.00 million at year end, against $18.11 million a year earlier and $7.36 million two years earlier. Total assets were $50.1 million and net assets $38.8 million.

Five-year revenue and profit record

The company's five-year table shows OEM and own brands revenue of $16.2 million in FY22, $20.8 million in FY23, $23.4 million in FY24, $25.8 million in FY25 and $23.2 million in FY26, with retail revenue falling from $6.7 million to $0.3 million. Net profit including asset write-offs and insurance recoveries was a loss of $1,081,633 in FY22, a loss of $3,454,915 in FY23, a profit of $1,001,061 in FY24, $5,312,588 in FY25 and $528,472 in FY26. The FY26 core manufacturing decline is the first reduction in OEM and own brands revenue in the period shown.

Cash history

Cash on hand at year end was $18.00 million in FY26, $18.11 million in FY25, $7.36 million in FY24, $9.50 million in FY23 and $10.40 million in FY22. The increase between FY24 and FY25 coincided with the insurance recovery described above. Net assets were $38.8 million and total assets $50.1 million, and the directors' report is accompanied by a remuneration report and the audit report, which was unmodified.