SYDNEY, NSW, August 8, 2023 – WT Financial Group Limited (ASX:WTL) today announced its indicative results for the full year to 30 June 2023 (FY23), showcasing a remarkable 57% increase in revenue and other income over the prior period to $162.49M (FY22 $103.63M), and more than doubling both net profit before tax (NPBT) and net profit after tax (NPAT).
Revenue & Other Income: Up 57% to $162.49M (FY22 $103.63M).
NPBT: Up 115% to $5.04M (FY22 $2.35M).
NPAT: Up 130% to $4.31M (FY22 $1.87M).
Basic EPS: Indicated at 1.31 CPS.
Cash Balance: $5.3M as of 30 June 2023 (FY22 $3.38M).
Gross Profit: Expected increase of 54% to $17.08M (FY22 $11.07M).
EBIT: Expected to be up 99% to $5.59M (FY22 $2.80M).
Total Operating Expenses: Increased just 49% to $10.62M (FY22 $7.15M).
The Company's CEO, Keith Cullen, expressed satisfaction with the results, attributing them to strategic acquisitions, methodical rationalization of the network and operations, and restructuring of legacy processes. He emphasized the importance of placing advice, advisers, and clients at the center of the relationship with the practices they support.
The Company also settled various payments associated with acquisitions and issued new shares during the period.
Mr. Cullen highlighted the positive outlook for advice practices and licensees in Australia, recognizing the growing demand for quality financial and personal risk insurance advice. He also expressed optimism about the government's approach to reforms aimed at increasing accessibility of advice to more Australians.
WT Financial Group Limited expects to lodge its financial statements and Appendix 4E on or before 31 August 2023 and its audited financial statements and annual report by mid-September 2023. No material variances to the indicative results provided today are anticipated.
WT Financial Group Limited has established itself as amongst the very largest financial adviser networks in Australia. Its wealth management, retirement planning and personal risk insurance advice services are delivered primarily through a group of privately-owned advice practices whose advisers operate as authorised representatives under its Wealth Today, Sentry Group, and Synchron subsidiaries.