The Brisbane Markets Limited (BML) Board has signed off on the financial results for the half-year ended 31 December 2019, which have been reviewed by the company’s auditors, BDO.
The group achieved an operating profit before tax (excluding the valuation adjustment and Perth Markets Limited contribution) for the half-year of $7.69 million, which represents growth of 10% over the same period last year. The Board is pleased with this result which reflects a further period of development of the site.
The group statutory net profit after income tax for the half-year ended 31 December 2019 was $8.36 million.
The highlights for the reporting period include:
- The new 2,353m2 Covered Buyer Loading Facility was substantially completed during the period, and will achievepractical completion in February 2020.
- Construction of the purpose-built 6,314m2 J.H. Leavy & Co warehouse commenced in September 2019. This $19.5million project is progressing well and is due for completion in August 2020.
- Perth Markets Limited and associated entities completed a corporate restructure during the period to move to asimpler corporate operating model. The Group now hold shares in Perth Markets Group Limited (PMGL) and theownership proportion remains at 41.73%.
- The Group has recognised a one-off credit to income tax expense of $4.6 million as a result of the change incorporate structure of PMGL.
- Total Assets have increased by 2.25% since June 2019 to $387.97 million.
- Net Assets have increased by 2.32% since June 2019 to $192.00 million.
- Net Assets per share is $3.52 at 31 December 2019.
Please see the Report to Shareholders for a more detailed overview of the half year results.
PAYMENT OF DIVIDEND
The Board of Directors is also pleased to advise shareholders that the Group’s operating result remains strong and on this basis, the Board has declared an interim dividend for the half-year of 8.25 cents per fully share, fully franked. This dividend is a reflection of the solid underlying performance of the business for the period. This reflects an increase of 0.25 cents per share over the same period last year. The dividend will be paid on Wednesday, 25 March 2020 to shareholders on the share register of the company at 5pm on 11 March 2020.
SHARE TRADING
BML publishes a Share Transaction Sales History report on its website on a monthly basis. In the six-month period from 1 July 2019 to 31 December 2019 there have been 6 share transactions with the share trading price in the range of $3.50 to $3.55 per share.
Any shareholder wishing to sell shares can do so by private treaty where they have identified a buyer, or you may follow the share sales process on our website should you wish for BML to assist by emailing interested parties.
For further information or to view the share sale process, visit our investors page. To register your interest in selling or buying shares, send an email to shares@brisbanemarkets.com.au
ONGOING INFORMATION UPDATES
BML will provide ongoing updates to shareholders in relation to any significant matters that may occur. BML will continue to make all shareholder announcements available on its website. In addition, BML will also continue to email shareholders where an email address has been supplied, or mail the relevant information to shareholders where we do not hold an email address.
FOR FURTHER INFORMATION
To view the full Financial Report for the half-year ended 31 December 2019, please download it here.
Andrew Young
Chief Executive Officer
Note: Under the Accounting Standards, BML is required to conduct both an annual and half-yearly review of the value of the investment property with increases/decreases being taken up directly through the Statement of Comprehensive Statement. There is no depreciation expense on investment property.