Consensus Asset Management (CAM) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was SEK 17.5m, flat year-over-year; H1 2024 revenue was SEK 36.0m, down from SEK 37.3m.

• Operating result improved to SEK -0.3m in Q2 (from -0.1m) and SEK -0.1m in H1 (from -0.4m).

• Adjusted for one-time items in 2023, profit improved by about SEK 4m in Q2.

• Cost control measures led to an 8% reduction in costs in Q2, excluding 2023 one-offs.

• Strong customer growth and increased market share across most offices.

Financial highlights

• Net income per share was SEK -0.04 in Q2 (vs. -0.05) and SEK -0.01 in H1 (vs. -0.08).

• Interest and finance net was SEK 1.9m in Q2 (vs. -0.2m) and SEK 3.8m in H1 (vs. 0.7m).

• Fixed income increased 6% in Q2 to SEK 6.8m and 4% in H1 to SEK 13.2m.

• Commission income from structured products rose to SEK 2.5m in Q2 (from 1.2m) and SEK 5.9m in H1 (from 3.2m).

• Assets under management at SEK 9.5bn, down from SEK 11.1bn due to loss of large clients in 2023.

Outlook and guidance

• Management optimistic for H2 2024, expecting improved market conditions and increased investor activity.

• Anticipates higher market volatility and activity in autumn, which could boost business volumes.