The Brisbane Markets Limited Board has finalised the financial results of the company for the year ended 30 June 2020. The Coronavirus (COVID-19) pandemic presented a range of challenges to the company during the last quarter of the financial year and despite this, the company is very pleased with the recorded net profit after tax of $14.75 million. During this period, the health and safety of our people, our customers, and the Brisbane Markets community became our key priority as COVID-19 specific measures were implemented in our workplace, and across the entire Brisbane Markets site.
The result reflects the ongoing sound performance of the underlying Brisbane Markets operations during a period of significant interruption, as well as another commendable contribution from the company’s investment in Perth Markets.
The company has achieved growth of 4.6% in the underlying net profit to $15.99 million (before tax). This reflects the operating result, net of the impact of property revaluations, one off tax adjustments and fair value movements. Information relating to revaluations and tax adjustments will be detailed in the Annual Report.
The financial performance of the company is summarised below:
| Brisbane Markets Limited Financial Results Summary – 2020 | ||||
| 2020 $ million | 2019 $ million | Change | ||
| Brisbane Markets Operating Result | 14.23 | 13.91 | ||
| Perth Markets and Investments operating proportion | 1.76 | 1.37 | ||
| Underlying Net Profit before Tax | 15.99 | 15.28 | up 4.6% | |
| Perth Markets Property Revaluation proportion | 1.25 | 2.48 | ||
| Brisbane Markets Investment Property Increase/(Decrease) | (2.22) | (8.43) | ||
| Share of income tax adjustment from Perth Markets Group Limited | (5.83) | – | ||
| Fair value movement in investment | 0.23 | – | ||
| Reported Net Profit before Tax | 9.42 | 9.33 | ||
| Income Tax Expense | 5.33 | (2.81) | ||
| Reported Net Profit after Tax | 14.75 | 6.52 | ||
| Net Assets at Balance Date | 191.68 | 187.7 | ||
| Total Assets at Balance Date | 395.03 | 379.4 | ||
| Net Tangible Assets per share at 30 June 2020 | $3.51 | $3.43 | ||
The company has continued to improve its balance sheet with the development of Building E1 nearing completion at year end, which completes the pipeline of development works that were identified in our capital raising in 2018. As highlighted in the table above, at year end total assets stood at $395.03 million with net assets at $191.68 million.
The company’s financial performance will be further elaborated upon in the company’s Annual Report, which will be distributed to all shareholders during October 2020, and at the Annual General Meeting, set down for Wednesday, 11 November, 2020 at 9am.
PAYMENT OF DIVIDEND
The Board of Directors wish to advise shareholders that there will be a small reduction in the dividend paid as we take a cautious approach at the current time. The Board has declared a final dividend for the year of 7.75 cents per ordinary share, fully franked.
The total dividend paid in respect of the 2020 financial year will be 16.00 cents per ordinary share, fully franked, down 0.25 cents per share on the total dividend paid last financial year.
The final dividend of 7.75 cents per ordinary share, fully franked, will be paid on Wednesday 21 October 2020.
This will paid to shareholders on the share register of the company at 5pm on Wednesday, 7 October 2020.
For more information regarding this notice, please contact BML on (07) 3915 4200.