PSC Insurance Group (PSI) H2 2024 earnings summary

Executive summary

• 2024 saw strong performance across all core business areas, with underlying revenue up 16% to $343.6m and underlying EBITDA up 15% to $127.1m.

• Underlying NPATA increased 11% to $87.0m, and underlying EPS rose 8% to 24.0 cps.

• Achieved 8% organic EBITDA growth, with 14 acquisitions completed and $50m in capital commitments.

• No final dividend declared due to the Scheme of Arrangement with The Ardonagh Group.

• The business remains stable, focused on broking and intermediary services, and continues to improve people, systems, and processes.

Financial highlights

• Operating revenue rose 16% year-over-year to $343.6m, with underlying EBITDA up 15% to $127.1m.

• Underlying NPATA grew 11% to $87.0m, and underlying EPS increased 8.2% to 24.0 cps.

• Statutory NPAT rose 2.4% to $57.8m, impacted by higher non-operating items and amortisation.

• Free cash flow generation, net of dividends, materially increased, driving higher return on equity.

• Proforma net leverage ratio at ~1.4x, well below the 2.0–2.5x target range.

Outlook and guidance

• 2025 outlook remains strong for all business areas, regardless of merger outcome.

• Continued investment in IT and new business startups expected to support future growth.

• If the scheme with Ardonagh is implemented, expects to benefit from global scale and partnership.