Ironbark Capital Limited (ASX:IBC) Reports Half-Year Financial Results
Financial Performance
Ironbark Capital Limited reported a net profit after tax of $1.9 million for the half-year ended 31 December 2024, representing a 17% decrease from $2.3 million in the previous corresponding period. Investment revenue from ordinary activities declined by 23.2% to $2.3 million, primarily due to unrealised losses of $0.3 million compared to unrealised gains in the prior period. The net tangible asset per share before provision for tax decreased by 1% to $0.571, while after provision it remained at $0.568.
Dividends and Share Buy-Backs
Ironbark Capital paid a final fully franked dividend of 1.25 cents per share on 27 September 2024 and declared an interim fully franked dividend of 1.2 cents per share payable on 27 March 2025. The company continued its share buy-back program, purchasing 435,761 shares in the half-year and an additional 274,736 shares since the half-year end, bringing the total repurchased shares since July 2022 to 4.3 million at an average discount of 21%.
Investment Insights
The portfolio achieved a return of 4.5% for the half-year, underperforming the benchmark by 0.6%. Property trusts and hybrids & corporate bonds were the top performers, benefiting from higher interest rates and strategic portfolio adjustments. The company remains positioned to replace bank hybrids with access to the highly liquid institutional wholesale market.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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