Imperial Pacific flags 26.5% net worth surge, well ahead of the market
Imperial Pacific Limited has flagged a 26.5% rise in group net worth for the financial year ended 30 June 2026 (FY26), comfortably outpacing the ASX All-Ordinaries Index return of 2.4% over the same period. The directors described the year as “an excellent year,” with net assets per share climbing to $2.48 from $2.00 and shareholders’ equity rising to $13.525m from $10.685m.
These figures are UNAUDITED. They have been prepared and passed to HLB Mann Judd for audit, and have been released as guidance ahead of the final signed accounts.
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Inside the FY26 result — what drove the gain
The standout component was the income account, which jumped to $4.403m from just $184,000 in the prior year. This more than offset a net investment value decline of ($1.411m), delivering a net gain over the year of $2.619m, up from $1.101m in FY25.
The company also raised $221,000 in new capital during the year.
| Net Worth Movement ($000) | FY26 | FY25 |
|---|---|---|
| Investment Values – Net Gain/(Decline) | (1,411) | 1,290 |
| Income Account | 4,403 | 184 |
| Dividend Paid | (373) | (373) |
| Net Gain over the Year | 2,619 | 1,101 |
| New Capital Raised | 221 | — |
| Shareholders’ Equity – opening | 10,685 | 9,584 |
| Shareholders’ Equity – June | 13,525 | 10,685 |
| Net Assets per share | $2.48 | $2.00 |
| Shares on Issue | 5,437 | 5,318 |
The realisation events behind the numbers
The directors noted that London City Equities Limited (41% owned) also had an excellent year, with a net worth improvement of 17.9%. Directors pointed out that London City’s performance is the result of two major positive events taking place with long-term assets in a single year:
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London City exited its long-held investment in Fiducian Group Limited.
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Following Federal Court action, Excelsior Capital Limited moved into voluntary liquidation.
Imperial Pacific’s own 2% investment in Excelsior Capital Limited saw partial sales at high market prices, alongside the receipt of two large fully franked dividends as part of Excelsior’s return of assets to shareholders.
The IPC half-year results published earlier in FY26 flagged NTA per share of $2.33 and identified the Excelsior Capital liquidation as the central catalyst to watch, providing useful context for how the full-year outcome ultimately took shape.
The date and sum of the remaining funds to be returned by Excelsior is not known, and no figure should be inferred at this stage.
On fees, the directors advised that Imperial Pacific is expected to receive a modest performance fee of some $198,000 for the year, in addition to normal basic management fees of $299,000.
What an investment company net worth result actually tells investors
Imperial Pacific is an investment holding company, meaning its main business is holding a portfolio of investments in other listed and unlisted entities. For companies like this, net assets per share is the key measure. It is similar to book value per share, showing the underlying value backing each share.
Franked dividends carry tax credits attached to company tax already paid, making them tax-effective income for shareholders. Realisation events, where an asset is sold and the gain is locked in, differ from unrealised paper gains that can fluctuate with the market. This year’s result was largely realised income, which is arguably higher quality than mark-to-market swings.
A snapshot of the balance sheet
The FY26 balance sheet shows a strengthened position at 30 June 2026. Total liabilities fell sharply to $312,000 from $1.581m, while cash and cash equivalents rose to $446,000 from $53,000. The result is a cleaner, less encumbered balance sheet.
| Balance Sheet ($000) | FY26 | FY25 |
|---|---|---|
| Cash and Cash Equivalents | 446 | 53 |
| Investment Portfolio | 12,995 | 11,935 |
| Total Assets | 13,837 | 12,266 |
| Total Liabilities | (312) | (1,581) |
| Net Assets | 13,525 | 10,685 |
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The investment takeaway and what’s next
The FY26 guidance points to a year of clear outperformance against the broad market, underpinned by an income-driven result and a strengthened balance sheet. The quality of the gain, sourced from realisations and fully franked dividends, is a notable feature.
Looking ahead, the outstanding Excelsior return of assets remains a potential future catalyst, though the company has stated the timing and amount are undisclosed. Investors should note that all figures remain UNAUDITED pending sign-off from HLB Mann Judd.
Imperial Pacific had an excellent year, with investment values rising strongly and year-end net worth up 26.5%, well ahead of the ASX All-Ordinaries Index performance of 2.4%.
The single clearest measure of the year’s progress is the improvement in net assets per share, which rose from $2.00 to $2.48.
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