FY24 Results Announcement

• Underlying EBITDA of $5.5 million, up 36% from previous year
• Net Profit After Tax (NPAT) of $3.4 million, compared to $0.1 million in previous year
• Funds under administration up 13% to $10.7 billion

SelfWealth Ltd (ASX: SWF) has announced its financial results for the year ended 30 June 2024 (FY 24), reporting a strong uplift in profitability. The company achieved an underlying Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of $5.5 million, up 36% from $4.0 million in the previous corresponding period (pcp). Net Profit After Tax (NPAT) was $3.4 million, compared to $0.1 million in the pcp. The company's financial position remains sound, with year-end cash at bank of $11.4 million and no debt. Total Funds under Administration (FUA) grew by 13% to $10.7 billion, despite a significant decline in broader market equity trading volumes. Operating expenses were down 16.6% pcp, largely due to lower selling and marketing costs, reduced headcount, and lower supplier expenses. Revenue was $27.6 million, 6% lower than the previous year, affected by weaker macroeconomic conditions. The company's transformation program, which focused on right-sizing the business and enhancing platforms and customer experience, has been a key driver of the improved profitability. The new leadership team, including the CEO and other senior executives, has been instrumental in executing the company's strategy and maintaining a strong financial position. The company has also undertaken share buybacks, acquiring and cancelling 3,288,930 shares or 1.4% of the issued capital. Looking ahead, the company remains focused on opportunities to increase revenue, margins, and deliver new features and products to its loyal customer base, while adapting to shifting investment trends and responding to customer expectations.

The company has not provided any high-importance, price-sensitive forward-looking financial metrics in the announcement.

While trading conditions remain subdued, volumes have picked up from a low in November 2023 and have remained stable since. Investor trading in the US market has seen solid rebound in FY24. The company is focused on opportunities to increase revenue, margins, and deliver new features and products to its loyal customer base, while adapting to shifting investment trends and responding to customer expectations.