Thorney Opportunities (TOP) H2 2024 earnings summary

Executive summary

• Net profit after tax rose 223% year-over-year to $35.0 million, with revenue up 37% to $57.5 million.

• Net tangible assets (NTA) after tax per share increased 24.4% to 87.1 cents as of 30 June 2024.

• Outperformed the S&P Small Ordinaries Accumulation Index by over 15% in NTA growth.

• Fully franked final dividend of 1.50 cents per share declared, total FY24 dividends 2.55 cents per share.

• Strong M&A activity in infrastructure and resource services sectors drove performance.

Financial highlights

• Revenue from ordinary activities increased to $57.5 million from $41.9 million year-over-year.

• Profit before tax rose to $45.1 million from $34.7 million, and profit after tax to $35.0 million from $24.2 million.

• NTA before tax per share was 93.5 cents, up 32.1% from FY23.

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

• Share buyback of 7.3 million shares at an average price of 56.62 cents per share.

Outlook and guidance

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

• Disciplined investment approach and focus on reducing the share price discount to NTA.