Netwealth's 1H2024 Financial Results

Netwealth Group Limited (ASX: $NWL) has reported a 27% increase in EBITDA for the first half of 2024, reaching $58.8 million. The company's Funds Under Administration (FUA) stood at $78.0 billion as of 31 December 2023, marking a 24.9% growth from the previous year. Additionally, an interim dividend of 14 cents per share has been declared, representing a 27% increase from the first half of 2023.

Executive Commentary

Our focus on enhancing and extending our product and technology capabilities has driven substantial growth opportunities. We are leveraging AI to drive efficiencies, improve reporting, and support advisers and clients in new ways. The strategic partnership with iCapital will offer unique global private market investment opportunities. We are confident in our outlook and future growth opportunities, supported by record inflows in 2023 and a strong new business pipeline.

Summary and Outlook

Netwealth's 1H2024 financial results reflect a robust performance with significant increases in EBITDA, FUA, and NPAT. The company's strategic focus on technology and data integration has led to the relaunch of enhanced products, expansion of income options, and successful partnerships. Looking ahead, Netwealth aims to continue driving growth through new initiatives, including the launch of exclusive access to offshore private markets, major mobile enhancements, and a user interface upgrade. With a strong financial position and confidence in future growth opportunities, Netwealth remains well-positioned to capitalize on emerging market trends and deliver value to its stakeholders.