Key points
- Revenue up 4.3% to $14.1m
- Profit down 75.1% to $407k due to increased operating expenses
- Funds under administration up 14.8% to $11.6bn
Full summary
SelfWealth Limited reported revenue from ordinary activities of $14.1m for the half-year ended 31 December 2024, an increase of 4.3% on the same period last year. This was driven by a 27.5% increase in trading revenue to $4.4m, with trading volumes up 9.1% to 406k. However, profit after tax declined 75.1% to $407,483 due to a 53.8% increase in total operating expenses to $10m, primarily from higher infrastructure, security, compliance, and personnel costs. Underlying EBITDA was $1.3m, down from $3.5m in the prior corresponding period. The company continued to invest in technology, with $2m in capitalised software development costs. Funds under administration grew 14.8% to $11.6bn. SelfWealth ended the period with $10.1m in cash and no debt. The company also announced it had entered into a scheme implementation deed with Bell Financial Group to be acquired for $0.25 per share, subject to shareholder and regulatory approvals.
Guidance
SelfWealth provided no specific forward-looking financial guidance in the announcement.
Outlook
The company did not provide any forward-looking outlook statements in the announcement.