Thorney Opportunities (TOP) H2 2024 earnings summary

Executive summary

• Net profit after tax rose 223% year-over-year to $35.0 million, driven by strong investment performance and M&A activity in infrastructure and resource services sectors.

• After-tax NTA per share increased 24.4% to 87.1 cents, outperforming the S&P Small Ordinaries Accumulation Index by over 15%.

• Total fully franked dividends for FY24 were 2.55 cents per share, up from 2.50 cents in FY23, with a final dividend of 1.50 cents per share declared.

• Share buyback of 7.3 million shares at an average price of 56.62 cents per share was executed, aiming to reduce the NTA discount.

Financial highlights

• Revenue from ordinary activities increased 37% to $57.5 million compared to FY23.

• Profit before tax rose 335% to $45.1 million; profit after tax up 223% to $35.0 million year-over-year.

• Cash and short-term deposits at year-end were $23.8 million, up from $4.3 million in FY23.

• Basic and diluted EPS increased to 18.67 cents from 5.64 cents in FY23.

Outlook and guidance

• Board remains optimistic about identifying attractive investment opportunities despite challenging economic conditions.

• Disciplined investment approach and active portfolio management expected to continue.