Prime Financial Group (PFG) H2 2024 earnings summary

Executive summary

• FY24 revenue reached $40.8 million, up 21% year-over-year, with strong growth in both Wealth (up 24%) and Business (up 19%) segments.

• Underlying EBITDA rose 18% to $10.2 million, with H2 contributing $6.4 million, indicating strong momentum into FY25.

• Integrated and EPS-accretive acquisitions of Altor Capital and Equity Plan Management (EPM) expanded capabilities and client base, with integration progressing well.

• Maintained a high proportion of recurring revenue (approximately 70%) and consistent dividend growth.

Financial highlights

• Total revenue up 21% to $40.8M compared to FY23; underlying EBITDA up 18% to $10.2M.

• Reported EBITDA was $7.6 million, down 9% year-over-year due to $2.6 million in one-off costs related to new service lines.

• Net profit after tax (NPAT) down 35% to $2.9M, impacted by higher amortisation and one-off expenses.

• Diluted EPS down 38% to 1.37 cps; full year dividend up 7% to 1.60 cps, fully franked.

• Net operating cashflow up 36% to $5.7M; net debt at $11.3M, with net debt/EBITDA at 1.1x (0.9x post capital raise).

Outlook and guidance

• Targeting group revenue of $50 million in FY25, with a goal to double to $100 million within 3–5 years.

• Targeting 15–20% revenue growth in FY25, driven by organic growth, cross-sell, and further accretive acquisitions.

• Full-year contributions from Altor and EPM expected to add at least $4 million in revenue in FY25.

• Further guidance to be provided at the 2024 AGM.