Half Year 2024 Regal Partners Ltd Earnings Call Transcript
Key Points
- Normalized NPAT increased to $59 million, showing significant growth compared to the prior period.
- Normalized EPS saw a strong rise, and the interim dividend increased by 60% to $0.08 per share, fully franked.
- FUM grew from $12.3 billion to $16.5 billion post-acquisition of Merricks Capital and Argyle.
- Strong revenue of $148.5 million, driven by nearly $60 million in performance fees.
- The company has a diversified and scalable platform with a growing investment team and capabilities.
- The integration of recent acquisitions like Merricks Capital and Argyle is still in early stages, posing potential integration risks.
- The timing of institutional mandates being awarded is uncertain and could be lumpy.
- Management fee margin saw a decline from 110 basis points to 104 basis points before the inclusion of Merricks and Argyle.
- Employee benefits expense was high at $46 million for the half, including both fixed and discretionary bonus costs.
- The company has a significant amount of intangible assets ($371 million), which could pose risks if the value of these assets declines.
Good morning, everyone, and welcome to today's first half 204 results briefing by Regal Partners Limited. Today's results will be presented by the Chief Executive Officer, Brendan O'Connor; and Chief Financial Officer, Ian Cameron, and the briefing is being conducted by webinar and phone.
As shown on slide 6, the agenda for today is that Brendan will start with the result highlights. Ian will then cover the key financials and hand back to Brendan for a business update and outlook. This will be followed by a short question-and-answer session.
We will provide more details on how to submit questions over the phone at that point. But for those online, please feel free to submit your questions at any time during the briefing so that we can leave with those. Please note we may have media in attendance today. I'd now like to hand to Brendan.
' -
Thanks very much, Ingrid, and good
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