Full Year 2024 Omni Bridgeway Ltd Earnings Call Transcript
Key Points
- Omni Bridgeway Ltd (IMMFF) reported a net profit after tax before NCI of $30.5 million, up $29.6 million compared to the previous financial year.
- Operating expenses for the year were $89.7 million, well below the target of $95 million, reflecting an 8% reduction from the previous year.
- The total portfolio fair value increased to $2.8 billion, up $300 million from the half-year results.
- The company achieved a record 77 full and partial investment completions, with a multiple on invested capital (MOIC) of 2.7 times and an internal rate of return (IRR) of 53%.
- Omni Bridgeway Ltd (IMMFF) successfully raised and launched Fund 8 and achieved the first close for Funds 4 and 5 series II, with all existing fund investors recommitting.
- Investment income and fee revenue were $277 million, down 10% year on year.
- The company faces liquidity concerns, with known income of around $70 million and known outflows of $170 million, resulting in a $100 million shortfall.
- The share price development does not yet reflect the progress made, indicating a valuation gap.
- The company has experienced seven consecutive years of statutory losses, totaling approximately $250 million.
- The transition to a capital-light fund management model has led to delays in performance fees and capital return, affecting shareholder value.
Thank you, and good morning. My name is Raymond van Hulst, Managing Director and Chief Executive Officer. Welcome to Omni Bridgeway's full-year results for the 12 months ended June 30, 2024. Joining me today are Guillaume Leger, Global Chief Financial Officer; Jeremy Sambrook, Global General Counsel and Company Secretary; and Nathan Kandapper, our new Global Head of Investor Relations.
I took over as CEO 10 months ago, on the commitment to implement significant changes towards increasing and reporting shareholder value, increasing cost coverage, transitioning to fair value, and improving our disclosures. Today, we will provide an update of our progress against this commitment.
In addition to the progress on the transition, I am generally pleased with our investment performance metrics for the full year as the portfolio's performance in the second half surpassed the already strong investment results we reported for the first half.
In this results presentation, we will cover the
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