Bell Financial Group (BFG) H1 2024 earnings summary

Executive summary

• Net profit after tax rose 50.1% to $16.6 million for the half-year ended 30 June 2024 compared to $11.1 million in the prior corresponding period.

• Revenue from ordinary activities increased 18.3% year-over-year to $138.7 million.

• Fully franked interim dividend of 4.0 cents per share declared, up from 3.0 cents last year, payable 10 September 2024.

• Earnings per share rose 49% to 5.2 cents year-over-year.

• Funds under advice grew at a 5-year CAGR of 8.1% to $80.5 billion.

Financial highlights

• Total revenue and income reached $138.7 million, up from $117.3 million in the prior period.

• Profit before income tax was $23.8 million, up from $16.2 million year-over-year.

• Retail & Institutional broking revenue up 20.3% to $90.7 million; underlying profit after tax up 950% to $6.3 million.

• Technology & Platforms revenue up 1.6% to $18.5 million; profit after tax down 10.9% to $4.1 million (normalised after-tax earnings up 23%).

• Products & Services revenue up 3.2% to $22.9 million; profit after tax up 5.1% to $6.2 million.

Outlook and guidance

• No significant events or circumstances have arisen post-period that would affect future operations or financial position.

• Continued focus on growing recurring and maintainable revenue streams beyond traditional broking.

• Ongoing investment in proprietary technology, including US equities trading and AI initiatives.

• Cost efficiencies remain a priority, with annualised savings exceeding $2 million from platform migration.