SYDNEY: Mirrabooka Investments Ltd (ASX:MIR) reported a full-year profit of A$7.9 million for the year ended June 30, down from A$10.7 million a year earlier, as its portfolio underperformed broader market indices amid volatile conditions.
The listed investment company, which specialises in small and mid-sized companies across Australia and New Zealand, posted a total portfolio return of 11.4%, trailing the 15.2% return of the S&P/ASX Small Ordinaries and Mid Cap 50 Accumulation Index.
Mirrabooka declared a fully franked final dividend of 6.5 Australian cents, bringing the total dividend to 11 cents, down from 13 cents last year which included a 2.5-cent special payout.
The Melbourne-based firm raised A$85.1 million via an oversubscribed entitlement offer and top-up facility, citing increased market opportunities and investment flexibility. Shareholder demand exceeded entitlements by 19%, prompting a scale-back.
“We’ve seen greater investment prospects emerge in early 2025 and enter the new financial year with cash holdings of 11% of the portfolio value, positioning us to act with conviction when attractive opportunities arise,” the company said.
Temple & Webster (+127%), Hub24 (+93%), and Life360 (+97%) were among the top contributors to performance, while IDP Education (-75%) and OFX (-67%, exited) were key detractors.
Mirrabooka added Treasury Wine Estates, Ramsay Health Care, and Channel Infrastructure NZ to its portfolio while exiting PSC Insurance Brokers, Dropsuite and Sigma Healthcare.
The company said its long-term strategy remains focused on disciplined investing in growth-oriented small and medium enterprises, backed by significant franking credit reserves and a low management expense ratio of 0.54%.