Dear Shareholder
The Brisbane Markets Limited (BML) Board has approved the financial results for the half-year ended 31 December 2024, 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 $8.34 million, which represents an increase of 7.75% when compared to the same period last year. The core trading performance has been strong with site occupancy levels remaining steady and all recently expired leases being renewed.
The statutory net profit of the group after income tax for the half-year ended 31 December 2024 was $11.98 million, with a positive contribution of $3.72 million associated with the investment property valuation.
BML’s properties are recorded at $428.5 million at 31 December 2024.
Total Assets have increased by 2.46% since June 2024 to $527.13 million.
Net Assets have increased by 1.6% since June 2024 to $249.28 million.
Net Assets per share is $4.57 as at 31 December 2024.
A range of achievements for the period are outlined in the Report to Shareholders as well as a more detailed overview of the results in the full Financial Report.
PAYMENT OF DIVIDEND
The Board of Directors is pleased to advise shareholders that it has declared an interim dividend for the half-year of 8.75 cents per share franked to 80%. This dividend reflects the continuing sound underlying performance for the period.
The dividend will be paid on Wednesday, 9 April 2025 to shareholders on the share register of the company at 5pm on 20 March 2025.
DIVIDEND PAYMENT IS PARTIALLY FRANKED
As a property owner, BML obtains tax benefits associated with the construction of new buildings and infrastructure upgrades, which has resulted in the dividend being partially franked.
Shareholders should note that as the dividend is franked to 80%, it is important to ensure that your Tax File Number is recorded with Computershare.
Any shareholder who has not quoted a Tax File Number with Computershare by 20 March 2025 will have tax deducted from the unfranked portion of the dividend at the rate of 47%. We urge all shareholders to check their holding account with Computershare and ensure that their tax file number is quoted (www.computershare.com.au/easyupdate/BMLU)
BANK FUNDING UPDATE
BML’s loan facilities are due to expire on 31 July 2025. The company is at an advanced stage of discussions in relation to a new multi-bank facility and has credit approval for the full amount required for the loan facilities to continue for a further period. The directors have no reason to believe that the facility will not be renewed or refinanced prior to its expiry.
MANDATORY DIRECT CREDIT
We also remind shareholder that dividends are now exclusively paid by direct credit to your bank account. No cheque payments will be made to shareholders. Please update your bank account details to ensure that you receive the dividend payment (www.computershare.com.au/easyupdate/BMLU).
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.
We encourage all shareholders to receive updates by email, and direct payment of dividends to your bank account. Shareholders can update communication preferences and arrange for direct credit of dividends to your bank account via the investor page at www.computershare.com.au or contact Computershare on 1300 850 505.
FOR FURTHER INFORMATION
To view the full Financial Report for the half-year ended 31 December 2024, please download it here.
Andrew Young
Managing Director and CEO