Full Year 2024 Pacific Current Group Ltd Earnings Call Transcript
Key Points
- Pacific Current Group Ltd (TSRUF) achieved a significant reduction in ongoing operating expenses by over 40% through strategic asset sales and externalizing investment management.
- The company saw a solid growth in revenues and underlying profits in FY24, with underlying EBITDA growing 18% and underlying NPAT growing 24%.
- Successful transactions included the sale of its entire stake in GQG, yielding total proceeds of AUD257.3 million, and the partial sale of its investment in Pennybacker Capital, yielding 1.75 times the initial investment.
- The company declared dividends of $0.38 per share, maintaining a steady return to shareholders.
- Pacific Current Group Ltd (TSRUF) is flush with cash and plans to return capital to shareholders via an off-market stock buyback of up to $300 million, subject to regulatory approval.
- The company's statutory results were heavily skewed by gains from asset sales, making it challenging to assess underlying performance.
- The sale of multiple assets has led to a notable change in the company's financial structure, with future financial results expected to be significantly different.
- The company's cost structure, while reduced, still faces potential future cost reduction initiatives, indicating ongoing operational adjustments.
- The timing of several transactions and regulatory approvals remains uncertain, potentially impacting financial planning and projections.
- Dividends declared are unfranked due to the lack of remaining franking credits, which may be less attractive to some shareholders.
(audio in progress) please go ahead.
Thank you very much. Welcome, everyone, to the Pacific Current Group's investor presentation call for the 2024 financial year. By way of introduction, my name is Michael Clarke, and I'm an Executive Director and Acting CEO of Pacific Current Group. I joined PAC in February of this year as a Non-Executive Director and transitioned to my current role on July 1 of this year. I'm joined on the call by Ashley Killick, the CFO of PAC. Ashley joined the PAC five years ago.
In our update to shareholders last year, you noted that PAC is committed to taking actions that would result in greater recognition of the value of PAC's portfolio. We are gratified by the progress we've made on this front in FY24, as well as the underlying financial results.
Turning to slide 3 in the presentation pack into operational highlights. This past year was a transformational year for the Pacific Current Group. After multiple parties
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
