Ironbark Capital (ASX: IBC) has reported a net profit after tax of $1.9 million for the half-year ended 31 December 2024, down 17% from $2.3 million in the previous corresponding period. The decline was driven by lower investment revenue, which fell 23.2% to $2.3 million, mainly due to unrealised losses on the trading portfolio.
The company declared an interim dividend of 1.2 cents per share, fully franked, payable on 27 March 2025. This follows the final dividend of 1.25 cents per share for the 2024 financial year, which was paid in September 2024.
Ironbark’s portfolio returned 4.5% for the half-year, slightly underperforming its benchmark return of 5.09%. Performance was impacted by weaker resource stocks, while bank shares performed strongly. The company’s hybrid and corporate bond investments, which now make up 55% of the portfolio, delivered solid income, benefiting from higher interest rates.
The company continued its on-market share buyback program, repurchasing 435,761 shares in the period, with an additional 274,736 shares bought back since 31 December 2024. The program, which began in July 2022, has seen 4.3 million shares repurchased at an average 21% discount to net tangible assets (NTA).
Chairman Rob Lord highlighted that the company remains focused on delivering consistent returns through a balanced investment approach, while maintaining a high fully franked dividend yield.
Ironbark Capital is a listed investment company (LIC) focused on income-generating investments, including hybrid securities, corporate bonds, equities, and property trusts. The company aims to provide shareholders with low-volatility returns and regular dividends.
