British and Malayan Holdings (CJN) H1 2024 earnings summary

Executive summary

• H1 revenue rose 12% YoY to $617,000, while the normalized loss before tax narrowed to $796,000 from $1.608 million.

• Results improved on new private trust business, higher interest income, associate profit, and lower operating costs.

Financial highlights

• Revenue was $617,000 versus $551,000 YoY; total income was $982,000 versus normalized income of $670,000 in H1 2023.

• H1 2022 included a one-time $8.480 million gain on the sale of the Adelphi building; excluding it, the prior-period loss before tax was $1.608 million.

• Net loss for the half year was $796,000; reported comparative net profit was $6.872 million, including the Adelphi gain.

Outlook and guidance

• Management is building its pipeline of new customer leads and expects the trustee business to support future revenue growth.

• Opportunities to integrate BMT and Precepts operations, where regulation permits, aim to deliver cost efficiencies and future revenue growth.

• Management is exploring alternative revenue and profit streams through new investments and potential entry into new markets.