Thorney Opportunities Ltd 2024 Half-Year Financial Statements

Summary

Thorney Opportunities Ltd 2024 Half-Year Financial Statements

1. TOP’s investment portfolio outperformed the S&P Small Ordinaries Accumulation Index with a 9.3% increase over the half year to 31 December 2023.

2. TOP’s NTA per share before tax rose by 9.2%, and after tax by 8.5%, compared to the first half of the fiscal year 2023.

3. An interim dividend of 1.05 cents per share, fully franked, was declared, consistent with the previous period.

4. TOP’s performance was significantly driven by investments in infrastructure and resource services companies, notably MMA Offshore Limited and Austin Engineering Limited.

5. MMA Offshore Limited is highlighted as a successful medium to long-term investment, with TOP benefiting from the market’s upward revaluation of the company.

6. Austin Engineering Limited showed operational success and is expected to continue strong performance due to its market position and operational efficiencies.

7. Southern Cross Electrical Engineering Limited is recognized for its consistent performance and optimistic future outlook based on revenue diversification and a strong order book.

8. TOP’s largest portfolio investment is a 25% interest in 20 Cashews Pty Ltd, which owns Australian Community Media and approximately 30% of View Media Group.

9. Australian Community Media has seen a digital transformation and significant growth in digital subscriptions since its acquisition in June 2019.

10. View Media Group launched a new real estate portal, view.com.au, with a Freemium listing model, receiving a strong initial market response.

11. Despite TOP’s strong performance, its share price continues to trade below its NTA, with efforts focused on reducing this discount, including the introduction of a high watermark and ongoing buyback.

12. TOP is optimistic about the market outlook for 2024, expecting a strong pickup in M&A activity and potential interest rate cuts, particularly benefiting small and microcap stocks.

    This announcement is a summary of the company approved ASX announcement on 21/2/2024 and is based on facts.