Perpetual Equity Investment Company (PIC) H1 2025 earnings summary

Executive summary

• Report covers the half-year ended 31 December 2024 for Perpetual Equity Investment Company Limited, a listed investment company focused on Australian mid-cap equities and select global opportunities.

• Investment objective is to provide income and long-term capital growth above the S&P/ASX 300 Accumulation Index over five-year periods.

• New Management Agreement with Perpetual Investment Management Limited commenced 12 December 2024, adjusting management fee structure.

Financial highlights

• Net profit after tax for the half-year was $5.9 million, compared to a loss of $3.0 million in the same period last year.

• Total investment income was $9.9 million, up from a loss of $3.2 million year-over-year.

• Net Tangible Assets (NTA) after tax per share decreased to $1.244 from $1.272 at 30 June 2024, a -2.2% decline.

• Fully franked final 2024 dividend of 4.0 cents per share paid in October 2024; interim 2025 dividend of 4.0 cents per share declared, payable April 2025.

• Basic and diluted earnings per share were 1.55 cents, compared to -0.79 cents in the prior period.

Outlook and guidance

• Manager remains disciplined in investment approach, focusing on quality businesses with recurring earnings, conservative debt, and sound management at attractive valuations.

• No specific forward-looking financial guidance provided.