Gowing Bros (GOW) H1 2026 earnings summary

Executive summary

• Revenue increased 3.45% to $29.5 million for the half-year ended 31 January 2026, driven by improved investment property operations.

• Loss after tax attributable to members was $0.96 million, a 57.4% improvement year-over-year.

• Interim fully franked dividend of 3.0 cents per share declared, with payment scheduled for 23 April 2026.

• Net assets per share before tax on unrealised gains rose 6.3% to $4.07.

• Core assets performed to or above expectations, but Surf Hardware International faced ongoing challenges from tariffs, supply chain shifts, and global economic conditions.

Financial highlights

• Total revenue from ordinary activities was $29.5 million, up from $28.5 million in the prior period.

• Operational loss before tax was $2.37 million, offset by gains in private equities ($0.08 million) and other gains ($0.63 million), resulting in a pre-tax loss of $1.66 million.

• Income tax benefit of $0.70 million reduced the net loss after tax to $0.96 million.

• Net assets before tax on unrealised gains increased to $247.5 million.

• Cash and cash equivalents at period end were $15.9 million.

Outlook and guidance

• The outlook remains uncertain due to geopolitical tensions, inflation, interest rates, tariffs, and cost of living pressures.

• Group performance is expected to remain consistent with previous periods, supported by diversified industry exposures.

• Multiple development opportunities will be progressed as economic conditions allow.