Barramundi delivers $8.9m interim result
21/02/2025 16:13 NZDT, HALFYRP
Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing operations $11,279 -43%
Total Revenue $11,279 -43%
Net profit/(loss) from continuing operations $8,940 -47%
Total net profit/(loss) $8,940 -47%
Interim/Final Dividend
Amount per Quoted Equity Security $NZ 1.53 cents per share
Imputed amount per Quoted Equity Security $NZ 0.00006677
Record Date 6 March 2025
Dividend Payment Date 28 March 2025
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $0.7393 $0.7532
A brief explanation of any of the figures above necessary to enable the figures to be understood The financial statements attached to this report have been reviewed by PricewaterhouseCoopers and are not subject to a qualification. A copy of the auditor’s review report applicable to the financial statements is attached to this announcement.
Authority for this announcement
Name of person authorised to make this announcement W.A. Burns
Contact person for this announcement W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@barramundi.co.nz
Date of release through MAP 21 February 2025
Reviewed interim financial statements accompany this announcement.
For immediate release:
21 February 2025
Barramundi delivers $8.9m interim result
• Net profit for the six months ended 31 December 2024 $8.9m
• Total shareholder return* 5.2%
• Adjusted NAV return (after expenses, fees & tax)** 4.2%
• Dividends paid during the period (cents per share) 3.09 cps
NZX listed investment company Barramundi Limited (NZX: BRM) today announced a first half profit for the 6 months ended 31 December 2024 of $8.9m.
Key elements of the half year result include profits on investments of $9.0m, dividend and interest income of $2.3m, less operating expenses and tax of $2.3m.
Chair of Barramundi, Andy Coupe said: “The resilient domestic economy in Australia has continued to be supportive for the Australian share market, and Barramundi. Ongoing political tensions internationally have added to volatility in equity market performance in recent months. The board remains confident in the investment strategy and the medium to long-term resilience of the portfolio.”
The portfolio’s gross performance return*** for the six months was +5.3% and the adjusted net asset value (NAV) return** was +4.2%, compared to the S&P/ASX 200 Index (hedged 70% to the NZD)**** which was +7.6% over the same period.
Barramundi investors continued to receive distributions consistent with the company distribution policy (2% of average NAV per quarter) with 3.09 cents per share paid to shareholders during the six months ended 31 December 2024. On 21 February 2025, the Board declared a dividend of 1.53 cents per share to be paid to shareholders on 28 March 2025 with a record date of 6 March 2025.
Senior Portfolio Manager, Robbie Urquhart said: “Although positive in absolute terms, Barramundi has had a modest six months with performance lagging the benchmark index. We have been happy with the strong share price performance from our larger information technology, industrial and bank holdings. While the banks have performed well, the portfolio’s lower weighting in the banks represents most of the relative performance to the benchmark in the period, alongside some growing pains in a small number of holdings.”
For further information, please contact:
Corporate Manager
Barramundi Limited
Tel: (09) 489 7074
*Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the net value of converting any warrants into shares (if any), and the dividends paid to shareholders. It assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
**Adjusted net asset value return – the percentage change in the the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after expenses, fees and tax.
*** Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses, fees and tax.
****Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD).
The total shareholder return adjusted net asset value and gross performance return methodologies are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy is available at http://www.barramundi.co.nz/about-barramundi/barramundi-policies/
About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Barramundi is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Barramundi listed on the NZX Main Board on 26 October 2006. /Ends