Pacific Current Group (ASX: $PAC) Interim Results Overview

Pacific Current Group (ASX: $PAC) has reported its interim results for the six months ended 31 December 2023, with funds under management (FUM) reaching A$227.3b, marking a 14% increase (11% AUD). The company's ownership adjusted FUM grew from US$14.1b to US$15.3b, while boutique contributions, excluding mark-to-market adjustments, experienced a 20% growth (23% AUD) driven by a 30% (34% AUD) increase in management fee-related revenues. Additionally, underlying EBITDA rose 26% (29% AUD) and underlying NPAT grew 15% (18% AUD) due to solid revenue growth and modest expense increases. Pacific Current also declared an interim unfranked dividend of A$0.15 per share.

Executive Commentary on Interim Results

Pacific Current's Managing Director & CEO and CIO, Paul Greenwood noted, 'This was a strong half for PAC. It would have been even stronger if our fastest growing boutiques had not reinvested so much in their own businesses. Nevertheless, we are always supportive of portfolio companies committing additional resources to enhance their long-term prospects.' Mr. Greenwood added, 'We continue to be optimistic about our prospects for the next several years, as we expect contributions from key boutiques to continue accelerating.'

Summary of Interim Results and Outlook

Pacific Current Group (ASX: $PAC) has shown strong interim results with significant growth in funds under management and boutique contributions. The company's outlook for the remainder of FY24 includes expectations of increased revenues and profits, lower management fee contributions in 2H24, increased performance fees, and continued solid growth in new FUM commitments among non GQG investments. Additionally, the company anticipates a meaningful likelihood of one or more asset sales during the period. Pacific Current's Chairman, Tony Robinson, emphasized the commitment to exploring all avenues to unlock additional value for shareholders, while the Managing Director & CEO and CIO, Paul Greenwood, expressed optimism about the company's prospects for the next several years. The company cautions against simple extrapolation of projected results based on FUM trends and highlights the complexities involved in determining fair value NAV. Pacific Current Group remains dedicated to providing exceptional value to shareholders, investors, and partners, with investments in 16 boutique investment firms globally.