30 sep 25   ocean wilsons hldgs - half-year report ocean wilsons holdings limited | ocn | 1,140 20.0 1.8% | mkt cap: 322.5m    rns number : 2546b ocean wilsons holdings ltd 30 september 2025   ocean wilsons holdings limited interim results for the period ended 30 june 2025   about ocean wilsons holdings limited ocean wilsons holdings limited ("ocean wilsons" or "the company") is a bermuda-based investment holding company, dual-listed on the london stock exchange and the bermuda stock exchange. our principal asset, ocean wilsons (investments) limited ("owil"), is an actively managed investment fund with a global, diversified portfolio designed to deliver sustainable long-term returns.   data highlights   key data (in us$ millions)   6 months ended 30 june 2025 6 months ended 30 june 2024 change  profit from continuing operations 10.4 8.4 +2.0 +23.8% gain on sale of discontinued operations 224.4 n/a n/a n/a investment portfolio net return 14.7 10.6 +4.1 +38.7% net cash inflow/(outflow) from continuing operations 543.6 (28.8) +572.4 n/a   at 30 june 2025 at 31 december 2024 change  investment portfolio assets 340.9 325.9 +15.0 +4.6% net assets 944.2 839.4 +104.8 +12.5%   share data   6 months ended 30 june 2025 6 months ended 30 june 2024 change  dividend declared per share (usd) 181 cents 85 cents +96 cents +112.9% earnings per share (usd) 785.0 cents 71.1 cents +713.9 cents +1,004.1% earnings per share from continuing operations (usd) 29.4 cents 23.8 cents +5.6 cents +23.5%   12 months ended 31 december 2024 earnings per share (usd) 202.7 cents   at 30 june 2025 at 31 december 2024 change  share price (gbp) 15.00 13.00 +2.00 +15.4%   chair's statement   the year 2025 so far has been a period of considerable change and reflection for ocean wilsons. the sale of the company's 56% interest in wilson sons s.a. was completed on 4 june which realised net cash proceeds of us$594m to the company. subsequently, on 17 june, the company announced a share buyback, via a tender offer, for 20% of the issued share capital. the tender offer completed on 23 july at 1543p per share, returning £109m to shareholders. our largest shareholders chose not to participate, thereby enhancing the capital available to those other shareholders who did. this balanced some shareholders' desire for liquidity with the major shareholders' continued support for the company's strategy of long-term investment. on 28 july, the company announced a proposed all-share merger with hansa investment company limited ("hicl"), structured on the basis of relative contributions of the fair value of net assets. on 12 september, of the company's shareholders who were eligible to vote on the proposed merger, 80.5% by shares held and 76.6% by number of shareholders voted in favour, thereby approving the proposed merger by the required thresholds. as part of the approval process set out in the scheme document, the court sanction hearing was held on 22 september. following representations from counsel on behalf of arnhold llc, the court approved a delay to the hearing until 30 october. the delay affords arnhold additional time to present its objection to the sanctioning of the scheme by the court. the board respects the court's decision and notes the clear shareholder support for the merger and the shareholder approval obtained thereon. we continue to work towards the timely completion of the transaction and will provide further updates in due course. this interim report marks the first interim report since the completion of the wilson sons sale on 4 june and covers the performance of the company for the six months ended 30 june 2025. it reflects both the proceeds from that transaction and the performance of owil which delivered a 5.1% return in the first half of 2025. equity markets in north america experienced significant swings during the period reflecting shifting geopolitical dynamics, trade policy uncertainty, and changing expectations for interest rates. against this backdrop, the portfolio's blend of listed equities and private equity holdings provided both resilience and participation in the recovery, underscoring the benefit of our diversified, long-term investment approach. the portfolio continues to be managed with an emphasis on capital growth, diversification, and disciplined risk management, consistent with the company's philosophy of patient capital.     investment manager's report market backdrop after moving sideways in the first three months of the year, global equity markets suffered a jolt at the start of april, falling sharply on trump's announcement of significant "reciprocal" tariffs, before staging a recovery as these were delayed or otherwise renegotiated in a way that persuaded investors their impact would not be as great as initially feared. from mid-april, equity markets gained strongly, while dollar weakness has continued to be a notable theme. notably, equity market performance has broadened out, with european equities outperforming us equities, and emerging markets outperforming developed markets. enthusiasm over developments in ai suffered a setback in the first few months of the year, although the sector strengthened in the second quarter as data around usage were very strong, driving ai infrastructure spend. the investment portfolio returned 5.1% gross and 4.6% net over the first half of the year, ahead of the 3.7% return of the inflation-based performance benchmark (us cpi urban consumers nsa + 3%). portfolio commentary public equity and directional hedge funds the investment portfolio's strongest performance was in the public equity and directional hedge funds. the best returns came from outside the us, with european, japanese and emerging market holdings being particularly strong. in europe, helikon long short equity fund has performed exceptionally well, gaining 60.7%, benefiting from names in in the materials, financials and utilities sectors. the manager has been very successful in identifying unique situations that have been accretive, such as a polish utility company and a greek bank. in japan, where large cap growth stocks have performed well, arcus japan, alma eikoh japan large cap and simplex value up returned 10.2%, 13.0% and 14.5%, respectively. within emerging markets, blackrock frontiers (+13.5%) and redwheel next generation emerging markets (+14.5%) performed well. private markets while private equity has lagged public markets in the last couple of years, there have been some significant valuation gains this year, especially in the newer investments. within europe there was good performance from five arrows and pai, while one of the older venture capital fund-of-funds, stepstone global partners iv, made another distribution in march 2025 and now has a net multiple of 3x. one new commitment was made to kkr north america xiv in the first half of the year. this fund will continue the manager's successful strategy of acquiring controlling stakes in upper middle market and large cap us companies. defensive positioning the portfolio's defensive silo delivered positive returns in the first half of the year. with higher yields now than a few years ago, there was solid performance from many of the fixed income positions. biopharma credit and lazard convertible global gained 7.3% and 8.8%, respectively, while the credit funds apollo total return and cqs credit multi asset both gained about 3%. within the hedge fund space, global event partners did well with a 7.0% return, and nephila iron catastrophe fund, a specialist strategy investing in catastrophe bonds, gained 4.4%, reflecting an extremely strong pricing environment. systematic trend-following funds have had a difficult couple of years, and the market volatility early this year caused them to struggle further, although they have begun to pick up in recent months. however, schroder gaia bluetrend, winton trend and john street systematic all detracted from performance over the first half of this year. looking forward although we didn't anticipate the specifics of the tariff announcements, we were not surprised that his actions caused significant market volatility. however, we held our nerve by remaining invested, playing to our long-term strengths. resisting capitulating at precisely the wrong point served us well, as markets recovered once the tariffs were delayed or renegotiated. there remains a question as to whether there will be further tariff announcements, and if the tariffs ultimately cause a downturn or, worse, a recession. fortunately, the us economy is starting from a position of strength albeit time will tell if this is enough to ward off any negative market fallout. portfolios need to be managed very carefully in this backdrop and a tried and tested process is essential. no longer are we underpinned by the rising tide of falling inflation, low rates and abundant liquidity. instead, we need to contend with a world where the geopolitical situation has become increasingly unstable. nonetheless, we are blessed by the length of our investment horizon and not being required to mindlessly track indices. diversification will be key in such a backdrop, something which we are well placed to apply at hansa given our expertise across geographies, sectors and asset classes. investment portfolio returns  30 june 2025 30 june 2024 3 years p.a. 5 years p.a. owil gross return 5.1% 3.9% 7.3% 7.7% owil net return* 4.6% 3.3% 6.2% 6.5% performance benchmark** 3.7% 3.9% 5.9% 7.6%      60:40 msci acwi and bloomberg global treasury 9.1% 4.5% 10.6% 6.9% msci acwi + fm nr us$ 10.1% 11.3% 17.3% 13.6% bloomberg global treasury tr us$ (unhedged) 7.5% (4.9%) (2.5%) 3.1% msci emerging markets nr us$ 15.3% 7.5% 6.8% 7.6% * net of management and performance fees. ** the owil performance benchmark is an absolute benchmark of us cpi urban consumers nsa +3% p.a.   investment portfolio at 30 june 2025 holding market value us$000 % of nav primary focus ishares core s&p 500 ucits etf 34,465 10.1 us equities - long only blackrock strategic equity hedge fund 18,186 5.3 global equities - hedge findlay park american fund 16,235 4.8 us equities - long only select equity offshore, ltd 14,134 4.1 us equities - long only helikon long short equity fund icav 9,436 2.8 europe equities - long short pershing square holdings ltd 9,356 2.7 us equities - long only schroder isf global recovery 7,832 2.3 global equities - long only polar capital global insurance fund 7,740 2.3 financials equities - long only polar capital global technology fund 7,651 2.2 technology equities - long only schroder isf asian total return fund 7,008 2.1 asia ex-japan equities - long only top 10 holdings 132,043 38.7  ishares expanded tech sector etf 6,673 2.0 technology equities - long only ba beutel goodman us value fund 6,250 1.8 us equities - long only ntasian discovery fund 5,958 1.7 asia ex-japan equities - long only ng capital partners ii, lp 5,172 1.5 private assets - latin america simplex value up trust 5,097 1.5 japan equities - long only egerton long-short fund 5,062 1.5 global equities - hedge ishares core msci europe ucits etf 4,858 1.4 europe equities - long only kkr americas xii 4,801 1.4 private assets - north america selwood am - liquid credit strategy 4,602 1.4 market neutral - global bonds global event partners ltd 4,358 1.3 market neutral - event-driven top 20 holdings 184,874 54.2  navegar i, lp 4,263 1.3 private assets - asia ta associates xiv-b, lp 4,105 1.2 private assets - global growth armistice capital offshore fund ltd 4,078 1.2 us equities - hedge kkr north america fund xiii, scsp 4,076 1.2 private assets - us venture capital ra capital international healthcare fund 4,031 1.2 healthcare equities - long short ta associates xiii-a, lp 3,967 1.2 private assets - global growth stepstone vc global partners vi-b (strategic), lp 3,926 1.2 private assets - us venture capital bpea private equity fund vii, l.p. 3,700 1.1 private assets - asia worldwide healthcare trust plc 3,531 1.0 healthcare equities - long only silver lake partners vi, lp 3,501 1.0 private assets - global technology top 30 holdings 224,052 65.7  remaining holdings, cash and cash equivalents 116,806 34.3  total 340,858 100.0    financial report following the company's agreement in october 2024 to sell its full ownership interest in wilson sons, and in accordance with ifrs 5 "non-current assets held for sale and discontinued operations", the results of wilson sons were reported as discontinued operations and its assets and liabilities were classified as held for sale in the company's 31 december 2024 annual report. as the transaction was completed on 4 june 2025, the gain on the sale has been included in the profit from discontinued operations as well as the results of wilson sons until that date. note 4 to the interim consolidated financial statements provides details on the gain on sale, the profit and other comprehensive income and cash flows from discontinued operations until the date of the sale, and the assets and liabilities held for sale as at the date of the sale. profit the increase in total profit for the period of us$273.2 million to us$311.6 million (2024: us$38.4 million) was generated by the gain on sale of discontinued operations of us$224.4 million, the increase in profit of discontinued operations of us$46.8 million and the increase in profit of continuing operations of us$2.0 million. profit from continuing operations (owil and corporate) the investment portfolio returns for the period increased by us$4.3 million to us$16.6 million (2024: us$12.3 million) and comprised earnings of us$7.5 million (2024: us$0.1 million), realised gains of us$5.2 million (2024: us$6.4 million), and unrealised gains of us$3.9 million (2024: us$5.8 million). investment portfolio expenses increased us$0.2 million to us$1.9 million (2024: us$1.7 million), in line with the growth of the portfolio assets and performance fees of us$0.1 million being earned this period (2024: none). corporate expenses increased us$5.4 million to us$7.2 million (2024: us$1.8 million) which is entirely related to legal and professional fees associated with the various strategic review transactions and the sale of the company's stake in wilson sons. finance income of us$2.3 million (2024: us$0.2 million) was generated on the increased cash and cash equivalent balance, while foreign exchange gains of us$0.6 million on monetary items represented an increase of us$1.2 million from the foreign exchange losses on monetary items of us$0.6 million in the comparative period. this resulted in a profit for the period for continuing operations of us$10.4 million (2024: us$8.4 million) and us$2.0 million higher than the comparative period. profit from discontinued operations (wilson sons) profit from discontinued operations of us$301.2 million (2024: us$30.0 million) was us$271.2 million higher than the prior period, as it includes the gain on the sale of wilson sons of us$224.4 million (2024: none). the remaining increase of us$46.9 million was generated by the operations of wilson sons that returned a profit of us$76.9 million for the current period until the sale on 4 june 2025, compared to a profit of us$30.0 million for the six months ended 30 june 2024. exchange rates the group reports in usd and prior to the sale of wilson sons had revenues, costs, assets and liabilities in both brl and usd. therefore, movements in the usd/brl exchange rate influenced the group's results either positively or negatively from year to year. from 1 january 2025 to 4 june 2025, the brl appreciated 10% against the usd from r$6.30 to r$5.67, while in the six months to 30 june 2024 the brl depreciated 14.9% against the usd from r$4.84 at 1 january 2024 to r$5.56 at the period end. profit for the period the profit for the period attributable to the equity holders of the company was us$277.6 million (2024: us$25.2 million), including us$10.4 million (2024: us$ 8.4 million) generated from continuing operations and us$267.2 million (2024: us$ 16.7 million) generated from discontinued operations, including the gain on sale of wilson sons. the profit attributable to the non-controlling interests was us$34.0 million (2024: us$13.3 million), entirely generated from discontinued operations. cash flows net cash inflow from continuing operations for the period of us$543.6 million was us$572.4 million higher than prior year (2024: outflow of us$28.8 million), driven by the net consideration of us$594.2 million received for the disposal of wilson sons during the current period. dividends of us$43.1 million were paid to shareholders of ocean wilsons (2024: us$30.1 million), with an additional us$20.9 million declared during the period and paid after the end of the period (2024: nil).   other matters risk management the board reported on the effectiveness of the systems of risk management and internal controls of the company in the annual report for the year ended 31 december 2024. a risk register detailing the principal risks can be found in the report of directors of the 2024 annual report and financial statements which are available on the company website at www.oceanwilsons.bm. the group managed its risks in a manner that reflected its structure of two distinct businesses, with specific processes for identifying, evaluating and managing key risks. following the completion of the sale of wilson sons on 4 june 2024, the principal risks related to wilson sons are no longer applicable. the board notes that otherwise, there have been no substantive changes to the risk assessment during the reporting period for continuing operations. related party transactions related party transactions during the period are set out in note 9 of the interim consolidated financial statements. going concern the group closely monitors and manages its liquidity risk. the group has considerable financial resources including us$616.3 million in cash and cash equivalents and no borrowings. the investment portfolio has outstanding commitments totalling us$43.4 million in respect of investment subscriptions, including us$2.2 million expected to be called within one year, for which details are provided in note 5 to the interim consolidated financial statements. the timing of these commitments may be accelerated or delayed in comparison with those indicated in note 5, however highly liquid investments are held significantly in excess of those commitments. the group's business activities together with the factors likely to affect its future development and performance are set out in the chair's statement together with the investment manager's report. based on the group's year to date results and cash forecasts, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operation for the foreseeable future. responsibility statement the directors confirm that this interim financial information has been prepared in accordance with ias 34 and that the interim management report includes a fair review of the information required by dtr 4.2.7 and dtr 4.2.8, namely: ·      an indication of important events that have occurred during the first six months and their impact on the set of interim consolidated financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and   ·      material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report. caroline foulger chair 28 september 2025     interim consolidated financial statements interim consolidated statement of profit or loss and other comprehensive income (unaudited) for the 6 months ended 30 june 2025 (expressed in thousands of us dollars)  note unaudited 30 june 2025 unaudited 30 june 2024 continuing operations      investment portfolio returns 5  16,639  12,308 investment portfolio expenses 5  (1,921)  (1,706) corporate expenses 6  (7,207)  (1,823) finance income 8  2,291  243 foreign exchange gains/(losses) on monetary items   607 (611) profit for the period from continuing operations   10,409 8,411     discontinued operations    profit of discontinued operations 4  76,864  30,016 gain on sale of discontinued operations 4  224,350  - profit for the period from discontinued operations    301,214  30,016     total profit for the period   311,623  38,427       other comprehensive income      other comprehensive income from continuing operations   -  - other comprehensive income/(loss) from discontinued operations 4  8,701  (16,764) other comprehensive income/(loss) for the period   8,701  (16,764)       total comprehensive income for the period   320,324  21,663       profit for the period attributable to:     equity holders of the company from continuing operations   10,409  8,411  equity holders of the company from discontinued operations   267,205  16,742 equity holders of the company   277,614  25,153  non-controlling interests from continuing operations   -  -  non-controlling interests from discontinued operations   34,009  13,274 non-controlling interests   34,009  13,274    311,623  38,427       total comprehensive income for the period attributable to:       equity holders of the company from continuing operations   10,409  8,411  equity holders of the company from discontinued operations   272,089  7,293 equity holders of the company   282,498  15,704  non-controlling interests from continuing operations   -  -  non-controlling interests from discontinued operations   37,826  5,959 non-controlling interests   37,826  5,959    320,324  21,663       earnings per share      basic and diluted from continuing operations 11 29.4c 23.8c basic and diluted from discontinued operations 11 755.6c 47.3c basic and diluted  785.0c 71.1c   interim consolidated statement of financial position (unaudited) at 30 june 2025 (expressed in thousands of us dollars)  note unaudited 30 june 2025 audited 31 december 2024 current assets    cash and cash equivalents 8               616,258          38,847 accrued income                       108               357 investment portfolio assets 5               340,953        322,636 prepaid tax 4                   9,240                   - assets within disposal group held for sale 4                          -      1,100,920 total assets                966,559      1,462,760       current liabilities    trade payables and accruals   (1,447)              (633) dividends payable 10  (20,864) - liabilities within disposal group held for sale 4  -       (622,738) total liabilities   (22,311)       (623,371)     capital and reserves    share capital                  11,390          11,390 retained earnings                932,858        719,236 translation reserve 4                          -       (102,757) equity attributable to equity holders of the company                944,248        627,869 non-controlling interests 4                          -        211,520 total equity                944,248        839,389 signed on behalf of the board     f. beck                         a. berzins director                                    director   interim consolidated statement of changes in equity (unaudited) for the 6 months ended 30 june 2025 (expressed in thousands of us dollars)  share capital retained earnings  translation reserve attributable to equity holders of the company non-controlling interests total equity balance at 1 january 2024               11,390             676,817             (86,703)             601,504             214,310             815,814 profit for the period - continuing operations                        -  8,411  -  8,411  -  8,411 profit for the period - discontinued operations                        -  16,742  -  16,742  13,274  30,016 other comprehensive loss - discontinued operations                        -  -  (9,449)  (9,449)  (7,315)  (16,764) total comprehensive income/(loss) for the period                        -  25,153  (9,449)  15,704  5,959  21,663 dividends to equity holders of the company                        -  (30,059)   -  (30,059)  -  (30,059) dividends to non-controlling interests - discontinued operations                        -  -  -  -  (17,686)  (17,686) equity transactions in subsidiary - discontinued operations                        -  45  -  45  34  79 balance at 30 june 2024               11,390  671,956  (96,152)  587,194  202,617  789,811        balance at 1 january 2025               11,390             719,236            (102,757)             627,869             211,520             839,389 profit for the period - continuing operations                        -  10,409  -  10,409  -  10,409 profit for the period - discontinued operations                        -  267,205  -  267,205  34,009  301,214 other comprehensive income - discontinued operations                        -  -  4,884  4,884  3,817  8,701 total comprehensive income for the period                        -  277,614  4,884  282,498  37,826  320,324 disposal of subsidiary - discontinued operations -  -  97,873  97,873  (222,538)  (124,665) dividends to equity holders of the company                        -  (64,007)   -  (64,007)  -  (64,007) dividends to non-controlling interests - discontinued operations                        -  -  -  -  (26,820)  (26,820) equity transactions in subsidiary - discontinued operations                        -  15  -  15  12  27 balance at 30 june 2025               11,390  932,858  -  944,248  -  944,248   amounts in the interim consolidated statement of changes in equity are stated net of tax where applicable    interim consolidated statement of cash flows (unaudited) for the 6 months ended 30 june 2025 (expressed in thousands of us dollars)  note unaudited 30 june 2025 unaudited 30 june 2024 operating activities      continuing operations      profit for the period  10,409 8,411 adjustment for:    investment portfolio returns 5 (16,639)  (12,308) finance income  (2,291)  (243) foreign exchange (gains)/losses on monetary items  (607) 611 changes in:    other current assets  249  (3,541) trade and other payables  814  213 net cash outflow from operating activities - continuing operations  (8,065) (6,857)     net cash inflow from operating activities - discontinued operations 4 70,133 97,355     net cash inflow from operating activities   62,068 90,498         investing activities    continuing operations    finance income  2,291  243 income from financial assets 5 7,475  119 purchase of investment portfolio assets 5          (25,812)  (20,346) proceeds on disposal of investment portfolio assets 5            16,659  28,077 net consideration received from disposal of subsidiary 4 594,195 - net cash inflow from investing activities - continuing operations  594,808 8,093     net cash outflow from investing activities - discontinued operations 4 (18,791) (23,569)     net cash inflow/(outflow) from investing activities   576,017 (15,476)         financing activities    continuing operations    dividends paid to equity holders of the company 10 (43,143) (30,059) net cash outflow from financing activities - continuing operations  (43,143) (30,059)     net cash outflow from financing activities - discontinued operations 4 (37,730) (36,318)     net cash outflow from financing activities   (80,873) (66,377)     cash and cash equivalents at beginning of period  118,363  69,367 cash and cash equivalents - continuing operations  38,847  21,167 cash and cash equivalents - discontinued operations  79,516  48,200     total net increase in cash and cash equivalents   557,212 8,645 total net cash increase/(decrease) - continuing operations   543,600 (28,823) total net cash increase - discontinued operations   13,612               37,468     net movement within the group  - - dividends received from subsidiary - continuing operations  33,546 23,840 dividends paid to parent company - discontinued operations  (33,546) (23,840)     total effect of foreign exchange rate changes   7,355 (11,829) effect of foreign exchange rate changes - continuing operations   265 (611) effect of foreign exchange rate changes - discontinued operations   7,090 (11,218)     cash and cash equivalents disposed of through sale of subsidiary   (66,672) - cash and cash equivalents disposed of - discontinued operations   (66,672) -     total cash and cash equivalents at end of period  616,258 66,183 cash and cash equivalents - continuing operations  616,258 15,573 cash and cash equivalents - discontinued operations  - 50,610   notes to the interim consolidated financial statements (unaudited) for the period ended 30 june 2025 (expressed in thousands of us dollars)   1          general information   ocean wilsons holdings limited ("ocean wilsons" or the "company") is a bermuda investment holding company which holds a portfolio of international investments. the company is incorporated in bermuda under the companies act 1981 and the ocean wilsons holdings limited act, 1991. the company's registered office is clarendon house, 2 church street, hamilton, bermuda. these interim consolidated financial statements comprise the company and its subsidiaries (the "group").   these interim consolidated financial statements were approved by the board on 28 september 2025.     2          material accounting policies and critical accounting judgements   these interim consolidated financial statements have been prepared in accordance with ias 34 - interim financial reporting and follow the same accounting policies disclosed in the company's 31 december 2024 annual report. these interim consolidated financial statements do not include all the information required in the annual report and should be read in conjunction with the company's 31 december 2024 annual report.     3          business and geographical segments   the group segments report their financial and operational data separately to the board.   the board considers these segments separately when making business and investment decisions. the maritime services segment was disposed of through a transaction completed on 4 june 2025, for which further details are presented in note 4. the investments segment holds a portfolio of international investments and is a bermuda based company. the corporate segment includes the holding subsidiaries and their related corporate costs.   the financial information by segment is as follows:   for the period ended 30 june 2025 (unaudited) brazil - maritime services bermuda - investments corporate consolidated results     investment portfolio returns                     -                16,639                     -                16,639 investment portfolio expenses                     -                 (1,921)                     -               (1,921) corporate expenses                     -                       -                 (7,207)              (7,207) finance income                     -                       -                  2,291                2,291 foreign exchange gains on monetary items                     -                       93                   514                   607 profit/(loss) from continuing operations                     -                14,811               (4,402)              10,409 profit from discontinued operations              76,864                     -                       -                76,864 gain on sale of discontinued operations                     -                       -              224,350            224,350 profit for the period              76,864              14,811            219,948            311,623      financial position at 30 june 2025 (unaudited)     segment assets                     -              340,711            625,848            966,559 segment liabilities                     -                   (389)             (21,922)            (22,311)     for the period ended 30 june 2024 (unaudited) brazil - maritime services bermuda - investments corporate consolidated results     investment portfolio returns                     -                12,308                     -                12,308 investment portfolio expenses                     -                 (1,706)                     -                (1,706) corporate expenses                     -                       -                 (1,823)              (1,823) finance income                     -                       -                     243                   243 foreign exchange losses on monetary items                     -                     (19)                 (592)                 (611) profit/(loss) from continuing operations                     -                10,583               (2,172)                8,411 profit from discontinued operations 30,016                     -                       -                30,016 profit/(loss) for the period            30,016              10,583               (2,172)              38,427      financial position at 31 december 2024 (audited)     segment assets        1,100,920            325,807              36,033         1,462,760 segment liabilities         (622,738)                 (296)                 (337)          (623,371)     4          discontinued operations   in october 2024, the board of the company committed to sell its full ownership interest in wilson sons s.a. ("wilson sons") to sas shipping agencies services sàrl. the transaction was completed on 4 june 2025 for a cash consideration of  brl 17.50 per share of wilson sons, totalling brl 4.352 billion (us$767.6 million).   accordingly, the assets and liabilities of wilson sons, which represents the entire maritime services segment, have been classified as part of a disposal group held for sale in the company's 31 december 2024 annual report, and its results have been presented as discontinued operations for the current and comparative period.   the gain on sale of discontinued operations can be disaggregated as follows:     4 june 2025 transaction total cash consideration  767,563 brazilian capital gains tax (142,519) brokerage fees and currency hedging costs (30,849) net cash consideration received  594,195 recognition of prepaid tax asset  8,898 derecognition of assets and liabilities sold (503,408) derecognition of non-controlling interests  222,538 reclassification of translation reserve (97,873) gain on sale of discontinued operations  224,350   on 4 june 2025, the company paid brl 808.0 million (us$142.5 million) in brazilian capital gains tax and of this amount, brl 50.4 million (us$8.9 million) was deposited with the brazilian courts and recognised as a prepaid tax asset. the company is contesting this portion of the tax payment, asserting that it is not payable due to the impact of foreign exchange rate fluctuations used in calculating the acquisition cost base of its investment in wilson sons.   a formal claim has been filed with the brazilian courts, and the company is being represented in this matter by the brazilian law firm pinheiro guimarães. the legal process is expected to take several years to be resolved, which is typical for cases of this nature in brazil.   the profit and other comprehensive income from discontinued operations from the maritime services segment can be disaggregated as follows:   unaudited for the period ended 4 june 2025 30 june 2024 sales of services            220,573            262,363 raw materials and consumables used             (15,111)             (18,216) employee charges and benefits expenses             (58,968)             (74,704) other operating expenses             (47,042)             (60,852) depreciation and amortisation expenses                     -               (37,052) gain on disposal of property, plant and equipment                   164                     29 foreign exchange losses on monetary items                 (702)                 (613) share of results of joint ventures and associates                   768                   103 other income                5,841                4,701 finance costs             (13,620)             (18,512) profit before tax from discontinued operations              91,903              57,247 tax expense             (15,039)             (27,231) profit from discontinued operations              76,864              30,016       other comprehensive income     items that will be or may be reclassified subsequently to profit or loss     exchange differences arising on translation of foreign operations                8,701             (16,764) other comprehensive income/(loss) from discontinued operations                8,701             (16,764)       total comprehensive income from discontinued operations              85,565              13,252   the assets and liabilities as at the date of the sale and the assets and liabilities part of the disposal group classified as held for sale at the comparative period end are as follows:  unaudited at 4 june 2025 audited at 31 december 2024 cash and cash equivalents              66,672              79,516 trade and other receivables              68,802              70,174 recoverable taxes              26,684              31,120 inventories              19,437              18,558 other assets              41,195              16,050 investment in joint ventures and associates              98,599              97,777 deferred tax assets              22,581              22,262 property, plant and equipment            616,372            578,576 right-of-use assets            185,364            161,917 other intangible assets              12,232              11,908 goodwill              13,225              13,062 total assets disposed of/held for sale         1,171,163         1,100,920       trade and other payables            (86,134)             (69,869) bank loans          (276,815)           (276,708) tax liabilities            (15,910)               (9,499) deferred tax liabilities            (76,938)             (78,100) lease liabilities          (199,843)           (177,742) provisions for legal claims            (10,274)               (9,191) post-employment benefits              (1,841)               (1,629) total liabilities disposed of/held for sale          (667,755)           (622,738)    net carrying value             503,408          478,182 the cash flows from discontinued operations from the maritime services segment can be disaggregated as follows:   unaudited for the period ended 4 june 2025 30 june 2024 operating activities     profit for the period              76,864              30,016    adjustment for:   depreciation and amortisation                      -                37,052 gain on disposal of property, plant and equipment                 (164)                   (29) provisions for legal claims                1,083                   896 share of results of joint ventures and associates                 (768)                 (103) other income               (5,841)               (4,701) finance costs              13,620              18,512 foreign exchange losses on monetary items                   702                   613 share based payment expense in subsidiary                     27                     79 tax expense              15,039              27,231    changes in:   inventories                 (879)                   539 trade and other receivables                1,372                1,002 other assets             (25,145)                   330 trade and other payables              16,265              10,442    interest paid             (11,894)             (16,284) taxes paid             (10,148)               (8,240) net cash inflow from operating activities              70,133              97,355       investing activities   income received from financial assets                4,145                2,790 purchase of property, plant and equipment             (23,635)             (26,334) proceeds on disposal of property, plant and equipment                   437                   122 purchase of intangible assets                   (18)                 (147) dividends received from joint ventures and associates                   280                     -   net cash used in investing activities             (18,791)             (23,569)       financing activities   dividends paid to non-controlling interests             (26,820)             (17,686) repayments of bank loans principal             (24,401)             (26,043) payments of lease liabilities               (4,861)               (5,656) new bank loans drawn down              18,352              13,067 net cash used in financing activities             (37,730)             (36,318)    cash and cash equivalents at beginning of period              79,516              48,200    net increase in cash and cash equivalents              13,612              37,468    dividends paid to parent company             (33,546)             (23,840)    effect of foreign exchange rate changes                7,090             (11,218)    cash and cash equivalents at end of period              66,672              50,610     5          investment portfolio   the investment portfolio returns can be disaggregated as follows:   unaudited for the period ended   30 june 2025   30 june 2024 earnings (net of expenses)         7,475 119 realised gains         5,233 6,390 unrealised gains         3,931 5,799 investment portfolio returns       16,639 12,308   the investment portfolio expenses can be disaggregated as follows:   unaudited for the period ended   30 june 2025   30 june 2024 management fees        (1,634)         (1,581) performance fees           (108)               -   investment portfolio operating expenses           (179)           (125) investment portfolio expenses        (1,921)         (1,706)   the movement in the investment portfolio assets is as follows:  unaudited at 30 june 2025 audited at 31 december 2024 opening balance      322,636 309,158  purchases       25,812 60,541  proceeds on disposal      (16,659) (54,120)  realised gains         5,233 13,484  unrealised gains/(losses)          3,931 (6,427) closing balance      340,953 322,636   at the end of the reporting period, the group had entered into commitment agreements with respect to the investment portfolio for capital subscriptions. the classification of those commitments based on their expiry date is as follows:   unaudited at 30 june 2025 audited at 31 december 2024 within one year         2,210 2,523 in the second to fifth year inclusive         7,845 7,205 after five years       33,321 34,035 total commitment for capital subscriptions       43,376 43,763     6          corporate expenses   corporate expenses can be disaggregated as follows:   unaudited for the period ended   30 june 2025   30 june 2024 operating expenses            (676)               (667) employee charges            (318)               (271) legal and professional fees         (5,515)               (233) audit fees            (346)               (300) directors' fees            (352)               (352) total corporate expenses         (7,207)            (1,823)     7          taxation   at the present time, no income, profit, capital or capital gains taxes are applicable to the group's operations in bermuda and accordingly, no expenses or provisions for such taxes have been recorded by the group for its bermuda operations. the company has received an undertaking from the bermuda government exempting it from all such taxes until 31 march 2035. during the year ended 31 december 2023, the bermuda corporate income tax act of 2023 was enacted by the bermuda government, which may supersede such exemptions. as the company is currently not in scope for this new legislation, the exemptions provided by the bermuda government undertaking still apply.   the operations in the maritime services segment were subject to brazilian corporation tax and brazilian social contribution tax calculated at respectively 25% and 9% (2024: 25% and 9%) of the taxable profit for the period.                                       8          cash and cash equivalents   the composition of cash and cash equivalents is as follows:   unaudited at 30 june 2025 audited at 31 december 2024 cash and bank deposits           2,325 4,197 fixed deposits         21,000 34,650 money market fund       592,933 - total cash and cash equivalents       616,258 38,847     9          related party transactions   transactions between the group and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. transactions and outstanding balances between the group and its related parties are as follows:   revenues/(expenses) receivable/(payable)  unaudited at 30 june 2025 unaudited at 30 june 2024 unaudited at 30 june 2025 audited at 31 december 2024 joint ventures and associates     wilson, sons ultratug participações s.a.1 261 571 - 6,459 argonáutica engenharia e pesquisas s.a.2 (35) (25) - (3) others     hanseatic asset management lbg3,4 (1,742) (1,581) (280) (276) hansa capital partners llp5 (9) (32) - -   1 related party loans with wilson, sons ultratug participações s.a. (interest - 3.6% per year with no maturity date) and services provided by the group. 2 contract for the implementation of a port traffic monitoring and port traffic intelligence system. 3mr william salomon, a company director, is chair of hanseatic asset management lbg, to which fees were paid for acting as investment manager of the group's investment portfolio.   4mr christopher townsend, a company director, is a director of hanseatic asset management lbg, to which fees were paid for acting as investment manager of the group's investment portfolio.   5 mr salomon is a senior partner of hansa capital partners llp. office facilities charges were paid to hansa capital partners llp.   remuneration of key management personnel the remuneration of the executive directors and other key management of the group is as follows:     unaudited for the period ended   30 june 2025   30 june 2024 short-term employee benefits          (3,328)            (3,807) post-employment benefits              (26)                (32) share based payment expense              (24)                (79) total remuneration of key management personnel          (3,378)            (3,918) remuneration of key management personnel - continuing operations             (259)               (232) remuneration of key management personnel - discontinued operations          (3,119)            (3,686)     10         dividends   the dividends declared and paid by the company to its shareholders were as follows:     unaudited for the period ended   30 june 2025   30 june 2024 dividends declared - 181c per share (2024: 85c per share)           64,007 30,059 dividends paid - 122c per share (2024: 85c per share)           43,143 30,059 dividends payable - 59c per share (2024: nil)           20,864 -     11         earnings per share   the calculation of the basic and diluted earnings per share is as follows:     unaudited for the period ended   30 june 2025   30 june 2024 profit for the period attributable to equity holders of the company   from continuing operations             10,409               8,411 from discontinued operations           267,205             16,742 weighted average number of ordinary shares 35,363,040 35,363,040 earnings per share from continuing operations - basic and diluted                 29.4c                 23.8c earnings per share from discontinued operations - basic and diluted               755.6c                 47.3c earnings per share - basic and diluted               785.0c                 71.1c   the company has no dilutive or potentially dilutive ordinary shares.     12         financial instruments   the carrying and fair value of financial instruments are as follows:     unaudited 30 june 2025 audited 31 december 2024   carrying value fair value carrying value fair value financial assets     cash and cash equivalents  616,258  616,258  38,847  38,847 investment portfolio  340,953  340,953  322,636  322,636      financial assets within disposal group held for sale     cash and cash equivalents - -  79,516  79,516 trade and other receivables - -  70,174  70,174      financial liabilities     trade and other payables  (1,447)  (1,447)  (633)  (633)         financial liabilities within disposal group held for sale     trade and other payables - -  (69,869)  (69,869) bank loans - -  (276,708)  (276,707)   the financial instruments recognised in the interim consolidated statement of financial position, by level of hierarchy, excluding financial instruments for which the carrying amount is a reasonable approximation of fair value, are as follows:   level 1 level 2 level 3 total 30 june 2025 (unaudited)         investment portfolio           67,330 156,299        117,324        340,953       31 december 2024 (audited)      investment portfolio           53,879         151,521        117,236        322,636 bank loans within disposal group held for sale                   -          (276,708)                  -          (276,708)   during the periods ended 30 june 2025 and 2024, no financial instruments were transferred between levels.   the movement in level 3 financial instruments for the period is as follows:  unaudited at 30 june 2025 audited at 31 december 2024 opening balance          117,236        118,271 purchases             6,200          12,611 proceeds on disposal and repayments of capital            (1,265)          (1,305) realised losses                  -            (6,424) unrealised losses             (4,847)          (5,917) closing balance          117,324        117,236   investment in limited partnerships and private equity funds require a long-term commitment with no certainty of return. the group's intention is to hold level 3 investments to maturity. in the unlikely event that the group is required to liquidate these investments, the proceeds received may be less than the carrying value due to their illiquid nature.   the sensitivity of the level 3 investments to changes in fair value due to illiquidity and its impact on proceeds received, while all other variables are held constant, is as follows:  unaudited at 30 june 2025 audited at 31 december 2024 decrease of 5%            (5,866) (5,862) decrease of 10%          (11,732) (11,724) decrease of 20%          (23,465) (23,447)     13         subsequent events   on 17 june 2025, the company announced it would launch a tender offer to return capital to its shareholders through the repurchase of up to 20% of its issued share capital (35,363,040 shares). the tender offer closed on 18 july 2025 and was fully subscribed, with 7,072,608 shares repurchased at a strike price of 1,543 pence per share, for a total consideration of £109.1 million (us$149.5 million). the tender offer became unconditional on 23 july 2025, after which the company has 28,290,432 shares outstanding.       enquiries   company contact leslie rans, cpa 1 (441) 295 1309                                                     media david haggie haggie partners llp 020 7562 4444   brokers peel hunt edward allsopp/charles batten 020 7418 8900     this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir lklfleklebbx return to news summary

Label: Neutral