Full Year 2024 EQT Holdings Ltd Earnings Call Transcript
Key Points
- EQT Holdings Ltd (ASX:EQT) reported a 26.7% increase in funds under management, reaching $202.8 billion.
- Revenue grew by 23.1% to $274 million, driven by the AET acquisition and new business.
- Net profit after tax increased by 10% on a statutory basis and 13.8% on an underlying basis.
- The company declared a final dividend of $0.53, bringing the full-year dividend to $0.104, reflecting strong earnings.
- EQT Holdings Ltd achieved a total shareholder return of 27.5% for the year, with earnings per share up by 5.3%.
- Expenses grew by 28.3% to $142 million, partly due to restructuring and integration costs.
- Net profit before tax for Corporate and Superannuation Trustee Services declined by 1.4%.
- The company experienced a loss of a fund services client, impacting revenue by $1.3 million.
- The exit from the UK and Ireland markets resulted in a $7.9 million impact on statutory net profit.
- CSTS profit before tax margins fell from 40% in the second half of FY23 to 32% in the second half of FY24.
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Good morning, everyone. Welcome to EQT Holdings full year results to June 30, 2024. 'm Mick O'Brien. I'm the Managing Director of the company. I'm here with Johanna Platt, a new Chief Financial Officer, welcome, Joe. Joe's been at EQT and [top five blue chip]. And as a reminder, Philip Gentry, stepped down from that position in June, following I think 17 of these releases. Thanks for joining me, Joe. I've also got with me, Travis Goudie, who's been idly acting as our Chief Financial Officer for the last three months. So thanks Travis for helping us on this presentation.
So that today's agenda for this morning, I'm going to give you an overview of the '24 year, and then going to hand over to Joe to talk through the financials in some detail. Then I'm going to come back and just give you a quick update on strategy and outlook. And then we're going to take questions at the end of the session. So let's jump into an overview of FY24.
So the headline results, this unlike the site-related biggie for Equity Trustees,
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