MA Financial delivers FY24 financial result
| Stock | MA Financial Group Ltd (MAF.ASX) |
|---|---|
| Release Time | 20 Feb 2025, 8:32 a.m. |
| Price Sensitive | Yes |
MA Financial delivers FY24 financial result
- Record annual fund inflows, with $2.7b of total capital raised
- Assets under Management (AUM) up 12% on FY23 to $10.3 billion
- Finsure managed loans up 26% on FY23 to $139 billion
MA Financial Group Limited (the Group; MA Financial; ASX: MAF) has announced its financial results for the 12 months to 31 December 2024. Operational highlights include record annual fund inflows of $2.7 billion, a 12% increase in Assets under Management (AUM) to $10.3 billion, and a 26% increase in Finsure's managed loans to $139 billion. The Group's Underlying revenue increased by 14% on FY23 to $306.6 million, supported by growth across the MA platform. Asset Management revenue was up 8%, Lending & Technology revenue was up 36%, and Corporate Advisory & Equities revenue was up 15%. Underlying EBITDA of $87.1 million was up 7% on FY23, with expenses up 17% reflecting the Group's investment into strategic growth initiatives. FY24 Underlying NPAT of $42.1 million and Underlying EPS of 26.1 cents were both up 1% on FY23. The Board has declared a fully franked final dividend of 14 cents per share, taking the FY24 dividends to 20 cents per share, in line with FY23.
Underlying EPS in FY25 is expected to be materially higher than FY24 as MA Money transitions to a profitable earnings contribution and all divisions continue to demonstrate positive momentum. The Group's earnings skew to 2H is expected to continue in FY25.
In FY25, the Group anticipates continued growth of Asset Management fund inflows, with the Underlying recurring revenue margin in Asset Management to improve. Performance and transaction fees are expected to remain below long-term trends given market uncertainty. Finsure's revenue and MA Money's profitability are expected to continue growing, while Corporate Advisory revenue per executive is anticipated to be at the lower end of the Group's $1.1 million to $1.3 million target productivity range. The earnings headwind from investment in strategic growth initiatives is expected to reduce to $10 million (FY24: $13 million), with the focus shifting from MA Money to building the US Private Credit platform.