Plato Income Maximiser (PL8) H1 2025 earnings summary

Executive summary

• Net profit after tax for 1HFY25 was $39.7 million, nearly unchanged from the prior period, as markets performed strongly.

• Portfolio delivered a 7.1% total return for the half-year, slightly underperforming the benchmark by 0.5%.

• Distributed income for the half-year was 3.8%, outperforming the benchmark by 1.4%.

• Fully-franked monthly dividends of $0.0055 per share were maintained at record levels, with $0.033 per share paid in 1HFY25.

• The fund targets retirees, offering regular, fully-franked income and has consistently traded at a premium to NTA.

Financial highlights

• Total investment income for the half-year was $51.3 million, up from $49.8 million year-over-year.

• Pre-tax NTA per share at 31 Dec 2024 was $1.082, with post-tax NTA at $1.116.

• 12-month realised yield was 7.7%, with franking credits contributing 1.2%.

• Share price has consistently traded at a premium to NTA since listing.

• Fully-franked dividends paid totaled $24.7 million for the half-year.

Outlook and guidance

• Dividend outlook remains stable and within the normal range, with no significant cuts or increases expected.

• Portfolio remains actively positioned to seek superior income to the benchmark, with expectations for improved dividends in 2HFY25.

• Active fund management is emphasized as critical for income delivery and avoiding dividend traps.

• Three additional fully-franked monthly dividends of $0.0055 per share have been resolved for Q1 2025.