Pacific Current Group Limited (ASX:PAC) Reports Half-Year Results
Financial Performance
Pacific Current Group Limited reported a statutory net profit after tax of A$100.3m for the six months ended 31 December 2024, up from A$11.7m in 1H24. The increase was driven by fair value uplifts and gains on disposals. Underlying NPAT was A$15.3m, positively impacted by cost savings of approximately 37%. The underlying earnings per share stood at A$0.29 compared to A$0.32 in 1H24.
Capital Initiatives
The company is executing an off-market, equal access share buy-back of up to A$300m at A$12 per share, expected to close on 7 March 2025. An interim unfranked dividend of A$0.15 per share has been declared, consistent with the previous period.
Portfolio Management
During 1H25, Pacific Current completed several significant asset sales, including exits from Banner Oak Capital Partners, Carlisle Management Company, and Victory Park Capital. These transactions provided substantial liquidity and realization of fair value uplifts. Additionally, the company restructured its investment in Aether Investment Partners from an equity share to a revenue share agreement.
Outlook
Pacific Current aims to complete the share buy-back and return capital to shareholders in CY2025. The management will focus on growth initiatives, optimizing organizational effectiveness, further reducing corporate costs, and reducing debt through ongoing negotiations.
Executive Comments
Chairman Tony Robinson stated, “The PAC management team has done an excellent job managing the assets, disposals and the Buy-Back currently underway. These efforts have established a solid foundation for the future growth of the business.”
Executive Director & Acting CEO Michael Clarke commented, “After a busy and exciting start to FY2025, PAC management is focused on executing a clear and disciplined plan to continue the strong momentum in 2H25.”
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