Overview of Prime Financial Group H1 FY24 results

Prime Financial Group Ltd (ASX: $PFG) has reported its Half Year 2024 (H1 FY24) results, showcasing strong top-line growth and a commitment to doubling revenue to $100 million within 3-5 years. The company's organic growth, new service offerings, and strategic acquisitions, including Altor, have contributed to its revenue growth. Prime is on track to deliver its FY24 guidance of revenue growth of 15-20%, underlying EBITDA growth of 10%-15%, and dividend growth of 5-10%.

Executive Commentary on Growth and Financial Performance

Our goal is to double revenue from $26M in FY22 to $50M in FY25 and then double revenue again to $100M within 3-5 years. We have realized organic growth across all service lines, introduced new service offerings, and made strategic acquisitions, including Altor. Despite challenging conditions in equity capital markets, our Wealth Management segment has shown robust performance, driving a 38% increase in revenue. We remain committed to delivering on our growth targets and are confident in our ability to achieve our FY24 guidance.

Summary of H1 FY24 Results and Outlook

Prime Financial Group has demonstrated strong top-line growth in H1 FY24, with revenue increasing by 14%, driven by robust performance in Wealth Management and contributions from new service lines. Despite challenging equity capital markets, the company's Capital division delivered 12% revenue growth. Prime is on track to achieve its FY24 guidance and remains committed to doubling its revenue to $100 million within 3-5 years. The company's strategy for growth includes organic growth, margin expansion, and balance sheet strength. Additionally, Prime is focused on impactful corporate citizenship and has committed to the UN Sustainable Development Goals. The company's outlook for FY24 is optimistic, with a continued focus on delivering results and achieving its growth targets.