Marlin Global (MLN) H2 2024 earnings summary

Executive summary

• Net profit for the year ended 30 June 2024 was $37.2m, a 58% increase on the prior year, driven by strong equity market performance and portfolio gains.

• Adjusted NAV return was 19.5%, total shareholder return 13.8%, and gross performance return 22.9%, all ahead of the benchmark index at 15.2%.

• Dividends paid totaled 7.59 cents per share, with a consistent quarterly distribution policy of 2% of NAV per quarter.

• Portfolio focused on high-quality, growth companies, with largest holdings in Amazon, Microsoft, Alphabet, Floor & Décor, and Meta Platforms.

Financial highlights

• Net profit after tax rose to $37.2m from $23.6m year-over-year.

• Basic and diluted EPS were 17.59c, up from 11.63c in 2023.

• NAV per share increased to $1.03 from $0.93; share price at $0.96, up from $0.92.

• Dividends paid increased to 7.59cps from 7.11cps year-over-year.

• Operating expenses and tax rose by $1.7m, mainly due to higher management and performance fees.

Outlook and guidance

• Macroeconomic volatility is expected to persist, but the portfolio is positioned for resilience and long-term growth.

• Continued focus on upgrading portfolio quality and leveraging market volatility for new opportunities.

• Next dividend of 2.07cps payable on 27 September 2024.