Full Year 2024 Sequoia Financial Group Ltd Earnings Call Transcript
Key Points
- Sequoia Financial Group Ltd (ASX:SEQ) reported a significant increase in net profit after tax, reaching $24 million, heavily impacted by the sale of Morrisons.
- Operating profit from continued business was up 88% on the previous corresponding period, reaching $8.7 million.
- The company successfully achieved its revenue target, reporting $124.6 million in revenue from continued operations.
- Sequoia Financial Group Ltd (ASX:SEQ) paid a fully franked dividend of $0.07 per share, reflecting strong cash flow and franking credits.
- The company has a strong balance sheet with $16.8 million in net cash, up 79% from the previous corresponding period.
- The company experienced significant disruption in the second half of the financial year, impacting operating momentum and adding additional costs.
- There was a slight reduction in staff numbers by about 5-6% over the 12 months due to streamlining efforts.
- The operating margin for licensee services is still below the desired target, currently at 7% with a goal to reach over 8%.
- The company had to write down $7 million on goodwill and intangible assets due to impairment in certain divisions.
- Despite the positive financials, the company faced challenges with regulatory issues and had to put strict regulatory strategies in place for some advisers.
Very pleased to be here today to presenting our results, and I'm joined by Lizzie Tan, our CFO, COO, who will discuss more about some of the financial performance questions.
The past financial year has been a very challenging one for the business. We experienced significant distraction and disruption in the second half, which was impacted our operating momentum. And yes, definitely the unrest that we that the two four nine day notice caused certainly caused a number of our staff and a number of our advisers and serious concerns. And it really did take away management's time to bring back the confidence and to EM, it did add additional costs to maintain operations. And I'm really grateful for the support of Serco shareholders and all of them and we've listened to the feedback, and I hope you see a positive difference in respect to delivery of the results and the presentations today. And much of that has come from your feedback, our focus is firmly on growing the business, increasing returns to shareholders and
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