Prime Financial Group (PFG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of auditors, legal advisors, and vote counters, and an address by Chairman Simon Madder.

• Agenda included chairman's address, CEO presentation, FY24 business and results, director elections, resolutions on performance rights and acquisitions, and Q&A.

• Instructions provided for both in-person and remote participation, including voting procedures.

Financial performance review

• FY24 total revenue increased by 21% to $40.8M, underlying EBITDA up 18% to $10.2M, with a 25% margin.

• EPS reached 1.37 cps, full-year dividend rose 7% to 1.60 cps, and net debt was $11.3M with a 1.1x EBITDA to net debt ratio.

• Wealth segment revenue grew 24%, business segment up 19%, and recurring revenue from existing clients exceeds 70%.

• Target to increase recurring revenue to 75-80%.

Strategic initiatives and plans

• Completed acquisitions of Altor Capital and Equity Plan Management, with ongoing integration and cross-segment collaboration.

• Raised AUD 3.3 million via entitlement offer and secured a new AUD 41.4 million facility with Westpac for acquisitions and working capital.

• Targeting $50M revenue by FY25 and $100M within 3-5 years through organic and selective inorganic growth.

• Staff and associates own 44% of the company, fostering an ownership mentality.

• Positive FY25 outlook: 15-20%+ revenue and EBITDA growth, and 3-5% dividend increase.