Thorney Opportunities (TOP) H2 2025 earnings summary

Executive summary

• Net tangible assets (NTA) after tax reached a record 90.3 cents per share, up 3.7% year-over-year.

• Profit after tax was $8.5 million, a 76% decrease compared to FY24, reflecting lower investment income.

• Total dividends for FY25 were 2.65 cents per share, fully franked, up 3.9% from FY24.

• The company maintained a strong balance sheet with $32.8 million in deployable capital.

• Significant portfolio activity included successful exits from MMA Offshore and Decmil Group, and strong contributions from AMA Group, Solvar, and ZIP Co.

Financial highlights

• Total investment income was $19.7 million, down 66% year-over-year.

• Profit before tax was $14.1 million, down 69% from FY24.

• NTA before tax per share increased to 100.2 cents, up 7.2% from FY24.

• Cash and short-term deposits rose to $35.4 million from $23.8 million in FY24.

• Share buyback of 7.8 million shares at an average cost of 63.74 cents per share.

Outlook and guidance

• The board remains cautious due to high market valuations and economic headwinds, maintaining significant cash reserves.

• Optimism persists for new investment opportunities in a challenging environment.