Ann: HALFYR: BRM: Barramundi posts strong half ye

• Release Date: 20/02/13 19:02
• Summary: HALFYR: BRM: Barramundi posts strong half year result
• Price Sensitive: No
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BRM
20/02/2013 17:02
HALFYR

REL: 1702 HRS Barramundi Limited

HALFYR: BRM: Barramundi posts strong half year result

Results for announcement to the market

Reporting Period 6 months to 31 December 2012
Previous Reporting Period 6 months to 31 December 2011

The interim financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification.  A copy of
the accountants' report applicable to the interim financial statements is
attached to this announcement.

 Current period NZ$000, Up/(Down) %,  Previous corresponding Period NZ$000
Total net income/(loss) from ordinary activities 15,283, N/A (4,998)
Profit/(loss) from ordinary activities after tax attributable to security
holder 13,664, N/A  (6,121)
Net profit/(loss) attributable to security holders 13,664, N/A (6,121)

Dividend
 Barramundi will pay a partially imputed quarterly dividend of 1.62cps as
part of its long-term distribution policy.

Ex-Dividend Date 13 March 2013
Record Date 15 March 2013
Dividend Payment Date 29 March 2013

NAV per share 31 December 2012: $0.81

For immediate release:

20 February 2013

Barramundi posts strong half year result

o Net profit after tax $13.7m
o Adjusted NAV* up 15.9% over the six month period
o Total shareholder return* 15.1%
o 3.01 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
profit after tax for the six months to 31 December 2012 of $13.7 million.

For the six months, the adjusted net asset value (NAV)* per share increased
by 15.9%, ahead of the S&P/ASX Small Ords Industrial Gross Index which rose
11.7% over the same period. Total shareholder return* for the period was
15.1%.

"During the first half of the 2012 calendar year Barramundi produced strong
returns for the portfolio. It is encouraging to see this continue into the
second half of the calendar year as well as the first few months of 2013"
said Barramundi Chairman Alistair Ryan.

In accordance with Barramundi's dividend policy (2% of average NAV per
quarter), the company paid 3.01 cents per share in dividends over the six
months. The next payment under the policy will be for 1.62 cents per share,
payable on 29 March 2013.

A low ball offer from a third party was received by Barramundi shareholders
in November 2012. It is pleasing to note that no shareholders accepted the
offer prior to the offer closing date of 17 December 2012.

Fisher Funds Managing Director Carmel Fisher said: "During the period, the
value of maintaining investment discipline was evident with strong returns
achieved by the Barramundi portfolio."

Ms Fisher said: "Overall we remain upbeat about the outlook for the
Australian share market although caution that it is unlikely that the strong
returns of the 2012 calendar year will be repeated."

The Board saw some changes during the six month period. At the end of August
2012, James Miller retired from the Board and Alistair Ryan was appointed
Chairman on 1 September 2012. In mid September Mark Todd retired from the
Board to pursue alternative career opportunities. The process of recruiting
another director is underway to bring the Board back to four directors. The
Board expect to be in a position to announce a new director shortly.

For further information please contact:

Alistair Ryan Chairman
Barramundi Limited
Tel: 021 649 102

Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

*Adjusted NAV and total shareholder return assume all dividends are
reinvested but exclude imputation credits.

About Barramundi

Barramundi is a listed investment company that invests in growing Australian
companies. The Barramundi portfolio is managed by Fisher Funds, a specialist
fund manager with a track record of successfully investing in growth company
shares. The aim of Barramundi is to offer investors competitive returns
through capital growth and dividends, and access to a diversified portfolio
of investments through a single, tax-efficient investment vehicle. Barramundi
listed on the NZX Main Board on 26 October 2006 and may invest in companies
listed on the Australian Securities Exchange (with a primary focus on those
outside the top 20 at the time of investment) or unlisted companies.  /ends
End CA:00233191 For:BRM    Type:HALFYR     Time:2013-02-20 17:02:28