WCM Global Growth (WQG) H1 2025 earnings summary

Executive summary

• Net operating profit after tax for H1 FY2025 was $47.1 million, up from $8.95 million in H1 FY2024, driven by strong investment portfolio performance.

• Portfolio return for H1 FY2025 was 21.28%, outperforming the MSCI All-Country World ex-Australia Index benchmark return of 14.25%.

• Share placement and Share Purchase Plan in November 2024 raised $76.7 million, increasing market capitalization and shareholder base by 16%.

• Net tangible asset (NTA) per share rose from $1.74 at 30 June 2024 to $1.93 at 31 December 2024, after dividend payments.

• Progressive quarterly dividend policy continues, with increased interim dividend of 1.87 cents per share declared for Q2 FY2025.

Financial highlights

• Total income for H1 FY2025 was $70.36 million, up from $15.06 million in H1 FY2024, mainly due to $69.37 million in fair value gains.

• Basic earnings per share for H1 FY2025 was 25.0 cents, compared to 4.9 cents in H1 FY2024.

• Net assets increased to $392.2 million at 31 December 2024 from $275.4 million at 30 June 2024.

• Cash and cash equivalents at period end were $11.78 million, up from $10.33 million at 30 June 2024.

• Dividends paid during the half-year totaled $7.31 million, with all dividends fully franked at a 30% tax rate.

Outlook and guidance

• Board intends to continue progressive quarterly dividend increases, with guidance for further increases through FY2025 and into FY2026.

• Portfolio performance expected to remain strong, with ongoing adherence to the global growth investment strategy.