Australian United Investment Company (AUI) H1 2025 earnings summary

Executive summary

• Revenue from ordinary activities rose 2.2% to $29.0 million for the half year ended 31 December 2024 compared to the prior period.

• Profit after tax increased 4.9% to $25.5 million, with special dividends of $400,000 included.

• Earnings per share grew 7.3% to 20.6 cents; excluding special dividends, EPS rose 6.3% to 20.2 cents.

• Interim dividend maintained at 17.0 cents per share, fully franked, payable 21 March 2025.

• Pre-tax NTA per share increased to $12.15 at 31 December 2024 from $11.74 at 30 June 2024.

Financial highlights

• Operating expenses rose 3.5% but were offset by lower net interest costs.

• Portfolio turnover was 4.4% for the period.

• Net cash from operating activities was $29.5 million; net cash from investing activities was $40.3 million.

• Net cash used in financing activities was $67.6 million, reflecting debt repayments and dividends.

Outlook and guidance

• Directors expect a resilient but slow-growing economy, with concerns about market valuations and global uncertainties.

• Borrowings reduced to 1.4% of portfolio market cap from 6.6% a year ago, reflecting a more cautious stance.