Thalassa (THAL) H1 2025 earnings summary

Executive summary

• Profit after tax for 1H 2025 was £0.01m, down from £0.24m in 1H 2024.

• Book value per share declined to £0.60 from £1.19 year-over-year.

• Investment holdings increased to £10.3m from £8.8m, while cash fell to £0.3m from £1.4m.

• Global markets saw volatility due to geopolitical tensions, tariffs, and inflation, but US equities rebounded strongly.

Financial highlights

• Total income from operations rose to £0.6m (1H24: £0.3m).

• Gross profit was £0.6m (1H24: £0.3m); operating profit dropped to £0.1m (1H24: £0.3m).

• Profit before tax was £0.01m (1H24: £0.2m); EPS was £0.00 (1H24: £0.03).

• Net assets at 30 June 2025 were £10.1m (1H24: £9.5m).

• Net cash inflow from operations was £0.16m, compared to an outflow of £0.15m in 1H24.

Outlook and guidance

• Continued volatility expected due to policy and geopolitical risks, especially US trade policy.

• Anticipated central bank rate cuts may support bond investments, but inflation and tariffs pose stagflation risks.

• Europe and Asia may benefit from reforms and stimulus, while the US faces headwinds from tariffs and potential slowdown.