Netwealth (ASX: $NWL) FY2024 Results Presentation highlights

Netwealth (ASX: $NWL) presented its FY2024 business and financial highlights on 13 August 2024. The company reported a total income of $255.2 million for FY2024, marking an impressive growth of $40.5 million, which accounts for an 18.9% increase. As of 30 June 2024, Netwealth's Funds Under Administration (FUA) stood at $88.0 billion, which further increased to $89.2 billion by 8 August 2024. The company also achieved significant growth in EBITDA, NPAT, and FUA net inflows, demonstrating a consistent track record of growth and market share gains.

Executive commentary on FY2024 performance and outlook

Netwealth's strategic focus on data and technology has positioned the company to benefit from accelerating changes in the industry. The company's response to rapid advancements in technology includes the adoption of a modern micro-service architecture, open API, and a large in-house engineering, data, and AI capability. Netwealth's commitment to leveraging technology and responding to industry fragmentation and reconsolidation has been evident in its strategic product development and internal architecture. The company's focus on delivering innovative products and services that leverage data, technology, and connectivity has been a key driver of its success.

Summary of FY2024 performance and outlook

Netwealth's FY2024 financial performance reflects strong growth and profitability, with an EBITDA margin improvement to 48.8%. The company's exceptional cash generation, strong balance sheet, and ongoing strategic investments in technology infrastructure and people have contributed to its leading position in the market. Looking ahead, Netwealth remains focused on investing in and leveraging its people, product, and technology capabilities to benefit from existing and emerging opportunities in the market. The company's outlook is optimistic, with a strong new business pipeline, significant new client wins, and a continued commitment to significant investment in people, product, security, and technology capabilities.