Bailador Technology Investments (BTI) H2 2024 earnings summary

Executive summary

• Achieved a 9.2% post-tax portfolio return in FY24, net of all costs and fees, with strong NTA per share growth and dividends paid.

• Declared a fully-franked final dividend of 3.4c per share, maintaining a stable dividend stream and a grossed-up yield of 7.8%.

• Portfolio revenue reached $457m, up 47% year-over-year, with $53m deployed and committed to new investments.

• Portfolio companies delivered 67% gross margin and 91% recurring revenue.

• Outperformed the market over the long term, with a 105% cumulative return since July 2020.

Financial highlights

• Profit after tax for FY24 was $20.7m, up 282% year-over-year.

• Net assets increased to $233.1m, with post-tax NTA per share rising to $1.59 from $1.52 year-over-year.

• Total assets grew to $267.5m, driven by new investments and realisations.

• Management and performance fees totaled $10.6m, reflecting strong portfolio performance.

• Cash and marketable securities stood at $62m at year-end.

Outlook and guidance

• Well positioned to pursue new investments with $52m net cash and a strong pipeline of opportunities as of 31 July 2024.

• Management expects to continue deploying capital to new and existing portfolio companies in FY25.

• Technology sector valuation multiples remain below historical averages, offering attractive entry points.

• Ongoing commitment to stable, fully-franked dividends, targeting 4% of pre-tax NTA annually.