Key highlights

  • Benjamin Hornigold Ltd (ASX:BHD) shares touched a 52-week high during the 19 October 2026 session and closed at $0.29, up 1.75%.
  • The unaudited FY26 report shows Revenue of $619,134 and a loss of $420,931, compared with a loss of $709,247 a year earlier.
  • After year end, the company received settlements of $800,000 and $1,800,000 from claims against former directors.

Benjamin Hornigold Ltd (ASX:BHD) is a listed Investment company based in Sydney with an objective of moderate to high portfolio returns over the medium to long term. The shares reached a 52-week high at one point in the 19 October 2026 session, finishing at $0.29, up 1.75%. The company’s unaudited Appendix 4E and preliminary final report for the year ended 30 June 2026, with financial statements authorised by the board on 31 August 2026, sets out its results, Balance Sheet and events after year end.

FY26 results

Revenue was $619,134, up 238% from $182,994. The loss after tax was $420,931, down 41% from $709,247, and the loss per share was 1.74 cents, compared with 2.94 cents. Income included a net trading gain on financial instruments of $534,741, made up of dividends of $24,668, a realised gain of $518,092, an unrealised loss of $624,838 and other investment income of $616,819, plus interest of $84,393.

Expenses were $1,040,065, including legal fees of $565,697 (compared with $376,436), directors’ fees of $308,000 and other expenses. No Dividend was paid or proposed. The report states the portfolio underperformed the S&P/ASX 200 Accumulation Index.

Balance sheet

Cash was $3,778,188 and investments at Fair Value were $2,940,298, giving total Assets of $6,762,371. Trade and other payables were $1,056,538, up from $423,878, and net assets were $5,705,833. Net tangible assets per share were $0.24, compared with $0.25, across 24,155,241 shares. A profit reserve of $1,496,543 is held for future dividend payments.

Loans, claims and post year-end events

Several loans and a convertible Loan to former related parties are in default and have been written down to nil or fully impaired: the JBFG convertible loan of $4,936,311 including interest, the JBL loan of $1,061,911 principal and the JBFG loan of $870,027. The report states JBL was deregistered in November 2024 and JBFG is in liquidation, and that recovery is uncertain.

After year end, a deed of settlement for $800,000 relating to a claim against a former director was completed, with funds received on 20 July 2026, and a separate settlement of $1,800,000 against a previous director was received on 4 August 2026. On 6 August 2026 the company obtained a default judgement of $8,971,570 against JB Markets Pty Ltd, but it does not attribute any value to the judgement given the counterparty’s financial circumstances. The company is assessing what the judgement means for pursuing the outstanding loans.

Sector backdrop

The benchmark index finished the 19 October 2026 session higher. The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Financials rose 0.85%. More broadly, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%; one unlabelled segment rose 0.11%.

The Benjamin Hornigold report relates to the year ended 30 June 2026 and was authorised on 31 August 2026, so it pre-dates the 19 October session.

Risks shareholders should weigh

The report is unaudited, and the financial statements are described as being in the process of audit, although the company says it does not expect audit disputes or qualifications. The portfolio is exposed to Market Price movements, and the report’s sensitivity analysis shows a 5% change in market prices would alter profit and net assets by $147,871.

The company has a long-running pursuit of loans and advances to former related parties, and the report states that recovery is uncertain and that all of those assets are impaired. The settlements received after year end are independent of those loan amounts. Legal costs continue to be a significant expense, and no tax asset is recognised for accumulated losses.

What’s next

The company says it will continue to pursue the outstanding debts and to assess the effect of the JB Markets judgement. The audited financial report will follow the completion of the audit, and the profit reserve is held for future dividend payments, though no dividend has been proposed.