Regal Partners (RPL) H2 2024 earnings summary

Executive summary

• 2024 marked a transformational year with FUM reaching AUD 18 billion, up 64% from the start of the year, driven by organic growth and acquisitions including Merricks Capital, Argyle, and PM Capital.

• Normalised NPAT for 2024 was AUD 97.5 million, up 198% year-over-year; statutory NPAT was AUD 66.2 million.

• Net FUM inflows totaled AUD 1.9 billion, a 310% increase, with 30% from offshore investors and 96% of flows performance fee-eligible.

• Revenue rose 151% to AUD 281 million, supported by strong fund performance and performance fees of just under AUD 85 million.

• Strategic acquisitions expanded capabilities, scale, and business diversification.

Financial highlights

• Average FUM increased 141% to AUD 14.4 billion; average management fee for 2024 was 1.13%, with 2H24 at 1.2%.

• Management fees and loan management fees totaled AUD 162 million; performance fees were AUD 84.5 million.

• Normalised diluted EPS was 26.0c, up 126% year-over-year.

• Employee benefits expense was AUD 88.5 million; other expenses were AUD 34.5 million, reflecting acquisition activity.

• Cash, receivables, and financial assets at year-end were approximately AUD 200–233.7 million; net assets stood at AUD 854 million.

Outlook and guidance

• Strong momentum in net flows and offshore fundraising expected to continue into 2025.

• Strategy remains focused on growth, diversification, and disciplined acquisition.

• Robust balance sheet and new AUD 100 million undrawn credit facility position the group for further expansion.

• Continued investment in product innovation, distribution, and offshore fundraising expected to drive future inflows.

• Multi-strategy and bespoke mandates, especially from offshore clients, are expected to drive future growth.