WCM Global Growth (WQG) H2 2024 earnings summary

Executive summary

• Net operating profit after tax for FY2024 was $45.3m, up 21.9% from $37.2m in FY2023, driven by strong investment portfolio performance and favorable global equity markets.

• Portfolio return for FY2024 was 25.63%, outperforming the MSCI All-Country World Index (ex-Australia) by 5.69%.

• Pre-tax NTA per share rose 19% to $1.744; after-tax NTA per share increased 14% to $1.565, after paying four quarterly dividends totaling 6.8cps.

• Final fully franked dividend of 1.81cps declared for Q4 FY2024, with an upward revision to future quarterly dividend intentions.

Financial highlights

• Revenue from ordinary activities was $69.8m, up 21.3% year-over-year.

• Net profit attributable to members was $45.3m, up 21.9% year-over-year.

• Total investment gains were $67.8m; securities income and interest earned totaled $1.9m.

• Expenses from ordinary activities were $5.2m.

• Basic and diluted EPS were 25.1cps, up from 20.0cps in FY2023.

Outlook and guidance

• Board remains confident in the investment approach and expects the portfolio to be well placed for continued long-term growth.

• Future quarterly dividends are intended to increase, subject to profit reserves and franking credits.