Heeton Holdings (5DP) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 15.2% to $78.16m; consolidated profit after tax was $0.725m versus a $6.577m loss in FY2023, while the loss attributable to owners was $1.375m and EPS was -0.28 cents.

• Hospitality, property investment and property development showed resilience amid inflation, high interest rates and weaker economies; hospitality markets in the UK, Thailand and Japan grew.

• The audited financial statements received an unmodified opinion.

Financial highlights

• Revenue was $78.160m, up from $67.857m in FY2023; profit before tax was $3.787m versus a $1.952m loss.

• Consolidated profit after tax was $0.725m; owners recorded a $1.375m loss and non-controlling interests a $2.100m profit.

• Net assets were $421.858m; equity attributable to owners was $431.013m at 31 December 2024.

Outlook and guidance

• Cautious optimism for 2025, with planned cost controls, operational efficiency initiatives and continued review of yield-accretive hotel acquisitions and partnership opportunities.

• Dawa at Hilltop by Heeton, a proposed 87-room five-star hotel in Paro, Bhutan, is targeted to launch in Q2 2025.

• UK GDP growth was forecast to rise from 0.8% in 2024 to 1.7% in 2025; expansion plans also include commercial, build-to-rent and housing opportunities.