Prime Financial Group (PFG) H2 2024 earnings summary

Executive summary

• Achieved strong revenue and earnings growth in FY24, delivering on guidance with both organic and inorganic expansion.

• Integrated recent acquisitions (Altor, EPM) and continued to scale the business across Wealth and Business segments.

• Maintained a high proportion of recurring revenue and consistent dividend growth.

Financial highlights

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

• Underlying EBITDA margin at 25% (FY23: 26%); reported EBITDA down 9% to $7.6M due to $2.6M in non-recurring costs.

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

• On track to reach $50M revenue in FY25 and aiming to double revenue again to $100M within 3–5 years.

• Further guidance to be provided at the 2024 AGM.