Bell Financial Group (BFG) H2 2024 earnings summary

Executive summary

• Achieved net profit after tax of $30.7m, up 26.4% year-over-year, with all business divisions profitable.

• Revenue grew 11.9% to $276.4m compared to 2023, driven by strong performance in Technology & Platforms, Products & Services, and Broking.

• Funds Under Advice reached a record $85.8bn, up 7.5% year-over-year, reflecting improved market sentiment and investor confidence.

• Return on equity improved to 18.3%, a 21.7% increase on 2023.

• Leadership transition to Co-CEOs was seamless, supporting continued growth and strategic focus.

Financial highlights

• Net profit after tax: $30.7m (+26.4% YoY); Revenue: $276.4m (+11.9% YoY); EPS: 9.6c (+26.3% YoY); Dividend per share: 8.0c (+14.3% YoY).

• Funds under advice: $85.8bn (+7.5% YoY); Margin loan book: $588m (+7.9% YoY).

• Gross dividend yield: 8.5% based on 31 Dec 2024 share price.

• Market capitalisation: $430m; EV/EBITDA multiple: 7.7x; PE ratio: 14.0.

• Cash and cash equivalents at year-end: $177.3m; Net assets: $240.9m.

Outlook and guidance

• Expects continued growth in recurring revenues from Technology & Platforms and Products & Services.

• Cautiously optimistic for 2025, with strong ECM pipeline and positive market sentiment.

• Focus on external growth opportunities, expanding Portfolio Administration Services, and developing new distribution channels.

• Ongoing investment in people, technology, and product expansion to drive future growth.

• Management remains focused on leveraging proprietary technology and expanding distribution channels.