SelfWealth Ltd's half year financial results and leadership changes

SelfWealth Ltd (ASX: $SWF) has reported its half year financial results for the six months ended 31 December 2023, showing continued profitability with Underlying EBITDA of $3.5 million, up 45% from the previous corresponding period, and Net Profit After Tax (NPAT) of $1.6 million. The company also announced the appointment of a new CEO and a Board member, reflecting its commitment to sustained growth and operational excellence.

Executive commentary on financial results and strategic focus

As we reported last August, FY23 was a year of turnaround and change for SelfWealth and it is pleasing to see that because of this action, the positive momentum in profitability has continued. And importantly, we have now achieved five consecutive quarters of positive cashflow and reduced our operating cost base by 20.7%. During the period, we appointed a new CEO and continued our Board renewal with the appointment to the Board in November 2023 of Adam Lewis, ex-partner of McKinsey & Company. Craig Keary, a highly experienced financial services leader, was appointed CEO in October 2023, and has quickly brought together a new Leadership team. The new team are highly experienced industry executives and have the expertise and know-how SelfWealth needs to scale the business for long-term, sustainable growth.

Summary of SelfWealth's financial results and future outlook

SelfWealth's half year financial results demonstrate continued profitability and a 45% increase in Underlying EBITDA, reflecting the company's strong financial performance. The appointment of a new CEO and Board member underscores SelfWealth's commitment to strategic leadership and operational efficiency. The company's focus on platform review, operational streamlining, and cost reduction initiatives align with its long-term strategy for sustainable growth. With a strong financial position, a loyal customer base, and a focus on High Net Worth traders, SelfWealth aims to capitalize on market opportunities and deliver growing returns for its shareholders.