Full Year 2024 Australian Ethical Investment Ltd Earnings Call Transcript
Key Points
- Achieved 24% year-on-year revenue growth, reaching a significant milestone of $100 million in revenue for FY24.
- Underlying profit increased by 57% compared to FY23, demonstrating strong financial performance.
- Full year statutory NPAT was up 80% to $11.8 million, indicating robust profitability.
- Successfully integrated Christian Super, contributing to higher revenues and improved profit margins.
- Declared a record high dividend of $0.09 per share for the full year, reflecting confidence in future growth.
- Took a further and final fair value write-down of $2.16 million on the investment in Sentient Impact Group, which failed to meet growth ambitions.
- Operating expenses increased by 16% to $74.4 million, driven by higher employment costs and IT expenses.
- Despite revenue growth, the underlying cost-to-income ratio remains relatively high at 74%.
- The acquisition of Altius Asset Management is expected to decrease the overall fee margin to approximately 0.9%, potentially impacting profitability.
- Investment in new capabilities and technology resulted in increased costs, which may affect short-term profit margins.
Thank you. Good morning, everyone. Thank you for joining us. My name is Melanie Hill, and I'm Head of Investor Relations at Australian Ethical. I would like to begin by acknowledging the traditional owners of the country on which we work, the Gadigal people, 1 of the 29 tribes of the Eora nation and recognize their continuing connection to the land, waters and culture. We pay our respects to their elders, past and present.
Please note that today's presentation is being recorded, and a recording will be made available on the Australian Ethical website. The slides used in the presentation are also available on our website. There will be an opportunity for Q&A at the end. (Event Instructions) We may also have media in attendance this morning.
I'm joined this morning by John McMurdo, our Group CEO and Managing Director of Australian Ethical; and Mark Simons, our CFO. John will take us through the highlights. Mark will cover off the financials, and then John will provide a business update.
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