WT Financial Group's FY2024 Indicative Results

WT Financial Group Limited (ASX: $WTL) has released its indicative results for the full year ending 30 June 2024. The company's underlying business operations recorded a 15.3% increase in revenue to $185.1M and a 51.4% increase in underlying net profit before tax (NPBT) to $4.4M. The strong operating cashflow resulted in a more than 50% increase in year-end cash to $8.0M, allowing for a return to a policy of paying dividends biannually.

Executive Commentary on FY2024 Indicative Results

Revenue for the underlying business increased nearly 33% and NPBT was up 43% on the first half of the year, contributing to an increase of more than 50% in full year underlying NPBT. Consistent positive operating cashflow has enabled the company to return to a dividend cycle. The compounding growth in underlying NPBT above 50% for four straight years underscores the success of our commitment to modernizing the advice profession and bodes well for the company's future. These results reflect not only our network's performance but also a positive future for all advice practices and advice network operators embracing change.

Summary of WT Financial Group's FY2024 Indicative Results

WT Financial Group Limited (ASX: $WTL) has reported strong indicative results for the full year ending 30 June 2024. The company's underlying business operations saw a 15.3% increase in revenue to $185.1M and a 51.4% rise in underlying net profit before tax (NPBT) to $4.4M. The solid operating cashflow resulted in a more than 50% increase in year-end cash to $8.0M, allowing for a return to a policy of paying dividends biannually. The company anticipates being able to declare a fully franked dividend of 0.4 cents on release of the Audited Financial Statements and has reinstated its policy to pay dividends biannually, subject to available cash. The net one-off income and expenses are expected to positively impact the Statutory NPBT to $4.8M. The company is expected to lodge its Financial Statements and Appendix 4E on or before 31 August 2024 and its Audited Financial Statements and Annual Report by mid-September 2024. The company's founder and managing director, Keith Cullen, expressed confidence in the outlook for the advice profession and outlined the company's intentions to drive paradigm shifts in the licensee-adviser relationship to further improve outcomes for practitioners, their clients, and shareholders.