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AUB Group (ASX: $AUB) upgrades FY24 NPAT guidance

AUB Group's 1HFY24 Performance Overview


AUB Group Limited (ASX: $AUB) has reported an underlying NPAT of AUD 70.2mn for 1HFY24, representing a significant increase from AUD 46.7mn in 1HFY23. The fully franked interim dividend has been raised to 20.0 cents per share from 17.0 cps in 1HFY23. The company has also upgraded its FY24 underlying NPAT guidance to AUD 161.0mn - AUD 171.0mn, indicating a growth of 24.7% - 32.5% over FY23.

AUB Group CEO and Managing Director, Michael Emmett's Comments on 1HFY24 Performance


I'm very proud of all that we as a Group have achieved not only over the past year but over several years. Specifically, I'd like to acknowledge the Agency and New Zealand teams who have delivered another very strong set of results. These, along with the strong performance in Australian Broking and BizCover, have ensured that these AUB Group results are some of our strongest ever. I'd also like to acknowledge the Tysers team and some of the recent additions to our International Businesses.

AUB Group's Outlook and Guidance


AUB Group has delivered a strong 1HFY24 performance with significant increases in underlying NPAT across its operating divisions. The company's upgraded FY24 underlying NPAT guidance of AUD 161.0mn - AUD 171.0mn reflects its confidence in achieving a growth of 24.7% - 32.5% over FY23. The improved performance in Australian Broking, BizCover, Agencies, New Zealand Broking, and Tysers has contributed to this outlook. Additionally, the company's capital management and dividend policy remain robust, with a fully franked interim dividend of 20.0 cents per share. AUB Group's assumptions for estimating FY24 Underlying NPAT include usual seasonality, FX rates, and hedging programs, while assuming no interest rate changes in key jurisdictions.

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