Cadence Capital (CDM) H2 2025 earnings summary

Executive summary

• Profit before tax was $6.2m and profit after tax was $6.3m for FY25, down significantly from FY24.

• Gross fund performance was 3.4% for FY25, underperforming the All Ordinaries Accumulation Index which rose 13.2%.

• Strong second half performance (+7.3%) partially offset first half underperformance.

• Final dividend of 3.0c per share (50% franked), with a full year dividend of 6.0c per share, equating to an 8.8% yield (10.7% gross).

• On-market buy-back planned for shares issued under the DRP when trading at a discount to NTA.

Financial highlights

• Operating profit before tax: $6,239,511 (FY24: $27,700,883).

• Operating profit after tax: $6,265,774 (FY24: $21,566,622).

• Net asset value at year end: $292,330,716 (FY24: $304,134,734).

• Net investments valued at $206,980,219 (FY24: $246,656,721).

• Basic and diluted EPS: 2.1 cents (FY24: 7.2 cents).

Outlook and guidance

• Global markets face slowing growth, political uncertainty, and central bank policy easing.

• RBA and US Fed expected to continue rate cuts; inflationary pressures may re-emerge.

• Gold equities remain a core exposure due to safe haven demand and attractive valuations.

• Market volatility expected to provide more trading opportunities.