Euroz Hartleys Group (EZL) H2 2024 earnings summary

Executive summary

• Net profit after tax attributable to members was $5.47m for FY24, down 41.5% from $9.34m in FY23, reflecting subdued ECM activity for most of the year.

• Revenue from ordinary activities fell 7.0% to $89.2m, with strong brokerage offset by declines in ECM and advisory revenues.

• Full year fully franked dividend of 4.75cps declared, down from 6cps in FY23.

• The business remains well-capitalised with $92.3m in cash and investments and no debt.

Financial highlights

• Revenue: $89.2m, down 7.0% year-over-year.

• Net profit after tax: $5.47m, down 41.5% year-over-year.

• Basic EPS: 3.5c (FY23: 5.51c); diluted EPS: 3.33c (FY23: 5.25c).

• Net tangible assets per share: $0.4931 (FY23: $0.4918).

• FUM increased to $3.89bn from $3.47bn.

• Cash and investments at year-end: $92.3m (FY23: $94.5m).

Outlook and guidance

• Optimism for improved financial outlook and market position, with expectations of stronger organic FUM growth.

• Business remains leveraged to commodity prices, WA economy, and demand for holistic financial advice.

• Focus on increasing recurring revenues and consolidating wealth management offering.