• Revenue up 195% to $11.5M, but net loss of $3.1M
• Net asset value per share at $2.82, or $2.95 with water assets at fair market value
• Shifting portfolio away from dryland cropping towards diversified agriculture

Duxton Farms Limited has reported a net loss of $3,095,000 for the half year ended 31 December 2024, compared to a net profit of $1,365,000 in the previous corresponding period. Revenue from ordinary activities increased by 195% to $11,508,000. The company's net asset value per share decreased slightly from $2.89 to $2.82 on a statutory basis, and from $3.03 to $2.95 with the Group's water assets measured at their fair market value. The company has been cycling out of dryland cropping assets and redeploying capital into other production systems, both through direct investment and through equity investments. This includes the development of a pistachio orchard in Victoria and expansion of the cattle herd at the Mountain Valley Station in the Northern Territory. The company has also decided to market its Kentucky property, which is the Group's last major dryland cropping asset, as part of the Board's strategy to broaden and expand Duxton Farms' exposure to the Australian agricultural sector. The sale proceeds will be used to invest in diversification opportunities and return capital to shareholders.

The company expects to continue shifting its portfolio away from dryland cropping towards a more diversified agricultural business, with investments in areas such as pistachio orchards and cattle operations. The company believes this strategy will elevate and stabilize its earnings profile in a reliable and predictable manner.