Appendix 4E and 2024 Annual Report
| Stock | Smartgroup Corporation Ltd (SIQ.ASX) |
|---|---|
| Release Time | 26 Feb 2025, 8:09 a.m. |
| Price Sensitive | Yes |
Smartgroup Reports Strong 2024 Results
- Revenue up 22% to $305.8m
- EBITDA up 18% to $118.7m
- NPATA up 15% to $72.4m
- Successful transition of South Australia Government contract
- Investing in digital initiatives and capabilities to drive growth
Smartgroup Corporation Ltd has delivered a positive year, with the company reporting strong revenue growth and good profit. Under the leadership of new CEO Scott Wharton, the company has made significant progress on its strategic priorities, including investments in digital initiatives and technology to drive future growth and operational efficiencies. The company's salary packaging customers and novated leasing volumes reached all-time highs in 2024, reflecting the company's solid market position and reputation in its key sectors. Smartgroup's successful transition of the South Australia Government's workforce to its services further strengthened its position as the leading provider of salary packaging and novated leasing for government clients. The company's robust cash generation and low leverage have enabled it to invest for growth while also continuing to pay strong dividends to shareholders. Overall, Smartgroup's 2024 results demonstrate the company's ability to execute on its strategic priorities and capitalize on positive industry dynamics to deliver consistent operational progress and improvement.
Smartgroup reported revenue of $305.8 million, EBITDA of $118.7 million and NPATA of $72.4 million for the 2024 financial year. This represents a 22% increase in revenue, an 18% increase in EBITDA and a 15% increase in NPATA compared to the previous year.
Smartgroup continues to see opportunities to expand its salary packaging offering to a wider base, with more than two million potential customers now in its existing client base. The company's digital initiatives, improved customer experience and favorable regulatory environment have generated more customer leads than ever before, and the company is investing in its capabilities, including a new on-balance-sheet funding pilot for fleet vehicles, to drive further growth.