The average return on Adelaide-based listed companies went backwards in the last financial year, with the list skewing heavily towards emerging mining and energy companies that struggled against an underwhelming Chinese economic recovery.

If the total list of 67 SA stocks tracked by this column was an index, investors would have received a -9.9 per cent return over the financial year that ended yesterday.

This is a significant underperformance compared to other ASX indices such as the ASX Emerging Companies index which grew by 3.23 per cent, the S&P/ASX Small Ords index which saw 6.39 per cent growth, and the ASX All Ordinaries index which grew by 8.27 per cent over the same period.

Analysts at Baker Young said the answer to the SA stocks underperformance was the list’s dominance by emerging miners and energy companies; the S&P ASX 200 Energy index fell by 7.35 per cent in FY24.

Meanwhile, in an uncertain economic environment, investors preferred large-cap, quality market leaders that have pricing power and passed on higher costs to protect their margins according to Baker Young analysts.

Despite these broader trends, the top Winner for the year was a mining company: PNX Metals.

PNX, which is developing uranium and gold projects in the Northern Territory, closed out the financial year up 150 per cent from 1 July 2023. This more than doubled the firm’s market cap, which sits at $24 million as of 28 June, 2024.

3D printing firm AML3D was another big Winner for the financial year, growing by 101.6 per cent in the 12 months to close out with a $32 million market cap.

The listed tech company had a busy year, core to which was its entrance into the US market with a new Ohio facility driving most of the company’s growth and setting it up for another solid year on the bourse.

In third place was another mining firm – Indiana Resources – which grew by 75 per cent over FY24.

Prophecy International – a tech company developing IT software for business customers – landed in fourth place on the Winners list for the financial year. It enjoyed 67 per cent growth to its share price over the 12 months.

Another tech company landed in the fifth position, with Mayfield Group seeing 61.4 per cent growth in its share price over FY24.

The company, which is headquartered in Adelaide and has facilities in Brisbane, Sydney, Melbourne and Perth, has been pushing into the battery storage space over the financial year, and has continued to prioritise solar power in its manufacturing processes.

The biggest Loser for the year however was Goodwood-based Vintage Energy, which saw its share price fall by more than 80 per cent over the past 12 months – in line with other oil and gas firms.

Whitebark Energy also saw an 80 per cent decline in share price value over the course of the financial year. The company’s shares fell rapidly in late September 2023 and never truly recovered, despite attempts by the firm to turn things around with a late-financial year announcement it was pivoting to hydrogen energy production.

NeuRizer was another Loser for the year, with the urea fertiliser company – formerly Leigh Creek Energy – struggling under regulatory pressure and facing a legal challenge over allegations it engaged in greenwashing.

Though not in the official Losers list for the full year, other high-profile Adelaide-based listed companies that saw their share price go backwards in FY24 included video game developer Mighty Kingdom (down 47 per cent) which endured challenges to its top brass and a downturn in the global video games sector, Australian Vintage (down 57 per cent) which failed to merge with wine giant Accolade, and Maggie Beer (down 43.3 per cent) which was dragged down by the performance of its milk business.

The full list of Winners and Losers for the year ended 30 June, 2024:

Data courtesy of Baker Young Limited, as of 28 June 2024.