WT Financial reports 1H23 earnings boost
WT Financial Group has reported operating profit (EBITDA) of $2.58 million over the first half of the 2023 financial year (1H23), up 55% from $1.67 million in 1H22.
Total revenue grew 144%, from $34.1 million to $83.3 million as at 31 December, 2022.
This was offset by a spike in the direct cost of sales, up 147% from $30.4 million in 1H22 to $75.2 million.
The group’s total operating expenses rose 90%, from $2.9 million to $5.5 million.
Accordingly, WT Financial's net profit before tax (NPBT) increased to just under $2 million, up 61% from $1.2 million in the previous corresponding period.
The group delivered a franking credit balance exceeding $1.4 million, and reported a cash balance totalling $4 million as at 31 December, 2022, up 185% from $1.4 million.
WT Financial Group chief executive, Keith Cullen, attributed the underlying result to the company’s acquisition strategy and its work “integrating and streamlining” operations of its acquisitions.
This included the purchase of Synchron in March 2022, and Perth-based Sentry Group — expanding the company’s financial adviser network to approximately 600.
“The efficiencies we have gained through the acquisition and integration of both Sentry and Synchron are enabling us to deliver an industry leading offering to advice practices as our industry continues to modernise and as consumer demands for advice grows,” he said.
AUTHOR
Charbel Kadib
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