Mosaic Brands announced a 50% increase in its net profit after tax to approximately $5.9 million for the first half of FY24, despite a negative impact of $4.3 million due to unfavourable USD exchange rates.

Earnings before interest and tax came to around $10.6 million.

The company also reported an improvement in its balance sheet, with net current assets increasing by about $11.6 million.

The strategy has set the company up for continued balance sheet improvement and potential growth in sales and profitability in the second half of FY24.