Thorney Opportunities (TOP) H1 2025 earnings summary

Executive summary

• Net loss after tax of $1.07 million for the half-year ended 31 December 2024, compared to a profit of $14.87 million in the prior corresponding period.

• NTA per share after tax decreased to 85.3 cents at 31 December 2024 from 87.1 cents at 30 June 2024, a decline of 2.1%.

• Fully franked interim dividend of 1.10 cents per share declared, up 5% year-over-year, with a yield over 4%.

• Portfolio consolidated to fewer substantial positions and higher cash levels, with deployable investment capital exceeding $40 million.

• Active on-market share buyback continued, purchasing 2.8 million shares at an average price of $0.66 per share, a 23% discount to NTA.

Financial highlights

• Profit from investment income fell 89% to $2.65 million; profit before tax dropped 95% to $0.97 million year-over-year.

• Net loss after tax of $1.07 million, down from a $14.87 million profit in the prior period.

• Total investment income was $2.65 million, with net realised gains of $30.4 million offset by unrealised losses of $30.6 million.

• Cash and short-term deposits increased to $43.6 million from $23.8 million at 30 June 2024.

• Net assets at 31 December 2024 were $153.6 million, down from $159.2 million at 30 June 2024.

Outlook and guidance

• Investment manager remains confident in the current portfolio and new opportunities, but will be patient in capital deployment.

• Board maintains confidence in long-term outlook, supported by dividend increase and strong balance sheet.