Prime Financial Group (PFG) H1 2025 earnings summary

Executive summary

• Revenue grew 25% year-over-year to $22.9 million in H1 FY25, driven by strong Wealth segment performance and recent acquisitions, notably Altor Capital and Equity Plan Management.

• Reported EBITDA rose 102% to $3.4 million, while underlying EBITDA increased 8% to $4.1 million, reflecting operational leverage and acquisition contributions.

• Interim dividend increased 3% to 0.77 cps, fully franked, with a Dividend Reinvestment Plan in place.

• Over 70% of revenue is recurring, underpinned by a diversified client base and cross-segment service delivery.

• The business is on track to meet FY25 guidance and long-term growth targets, supported by scalable centralized services and integration of acquisitions.

Financial highlights

• Wealth segment revenue grew 41% year-over-year to $12.0 million; Business segment up 12% to $10.9 million.

• Reported EBITDA up 102% to $3.4 million; underlying EBITDA up 8% to $4.1 million; margin at 18% versus 21% in H1 FY24.

• Interim dividend increased by 3% to 0.77 cps, fully franked; reported EPS improved to 0.46 cps from -0.02 cps in H1 FY24.

• Net operating cash flow was $0.8 million; net debt at $11.0 million, with $41.4 million in available facilities and $30 million undrawn.

• Approximately 70% of revenue is recurring, with a target to reach 75%-80%.

Outlook and guidance

• Targeting 15–20%+ annual growth in revenue and underlying EBITDA, with 3–5% dividend growth.

• On track to achieve $50 million group revenue in FY25 and aiming to double to $100 million within 3–5 years.

• Expecting significant uplift in margin and profitability in H2 FY25, supported by organic growth, new services, and full-year contributions from acquisitions.

• Continued focus on EPS-accretive acquisitions and technology investment to drive efficiencies.