Consensus Asset Management (CAM) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 increased 33% year-over-year to SEK 16.6m, with operating loss narrowing to SEK -0.7m from SEK -5.9m.

• For Jan–Sep 2024, revenue rose to SEK 52.6m (up from SEK 49.8m), and operating loss improved to SEK -0.8m from SEK -6.3m.

• Cost control measures reduced expenses by 6% in Q3 and 5% for the nine-month period.

• CEO Patrik Soko announced his resignation, remaining until a successor is appointed.

Financial highlights

• Net result from financial investments reached SEK 4.2m (vs. SEK -0.2m), and net interest income increased to SEK 0.9m (0.5m) as of Sep 30.

• EPS for Q3 was SEK -0.10 (vs. SEK -0.74); for Jan–Sep, SEK -0.11 (vs. SEK -0.83).

• Assets under management in client depots totaled SEK 9.6bn at quarter-end.

• Cash and equivalents at period-end were SEK 39.7m, down from SEK 60.8m a year earlier.

Outlook and guidance

• New Nordic Small- and Micro-Cap fund to launch by February 2025, pending regulatory approval.

• Administrative changes and fee increases in funds expected to improve profitability by at least SEK 2m in 2025.

• Company targets a return to positive results in 2025, supported by strong client inflow and fund performance.