Dear Shareholder
The Brisbane Markets Limited (BML) Board has approved the financial results for the half-year ended 31 December 2022, 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 $7.90 million, which represents a decline of 6.4% over the same period last year. The core trading performance has been impacted by insurance cost increases and interest rate increases.
The statutory net profit of the group after income tax for the half-year ended 31 December 2022 was a loss of $4.17 million, with a significant impact associated with the property valuation as noted below.
BML is pleased to advise that we have recently completed the construction of a new 6,144 m2 warehouse at South Gate West known as Building H1. A range of other achievements are outlined in the attached Report to Shareholders.
The results reflect a reduction in the carrying value of the property of $14.13 million, with the fair value of BML’s property recorded at $430 million at 31 December 2022.
Total Assets have increased by 1.02% since June 2022 to $512.15 million.
Net Assets have decreased by 2.91% since June 2022 to $259.36 million.
Net Assets per share is $4.76 as at 31 December 2022.
Please see the Report to Shareholders for a more detailed overview of the results for the half-year.
Payment of dividend
The Board of Directors is also pleased to advise shareholders that it has declared an interim dividend for the half-year of 8.25 cents per share, fully franked. This dividend reflects the continuing solid underlying performance for the period.
The dividend will be paid on Tuesday, 18 April 2023 to shareholders on the share register of the company at 5pm on 31 March 2023.
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.linkmarketservices.com.au.
Further information
To view the full Financial Report for the half-year ended 31 December 2022, please download it here.
Andrew Young
Managing Director and CEO
Shareholders interested in buying or selling shares in BML, or who need any information in this regard, may register their interest by clicking here or to sell your shares, please click here.
For more information regarding this notice, please contact BML on (07) 3915 4200.