WT Financial is expecting to see a 130 per cent increase in net profit after tax (NPAT), as it releases indicative results for FY2022–23.
In its results for the year to 30 June, the firm said it has seen a 57 per cent increase in revenue and other income from $103.6 million to $162.4 million.
NPAT is expected to be up 130 per cent, from $1.8 million in FY22 to $4.3 million.
Its cash balance is $5.3 million, up from $3.3 million in the previous financial year.
Chief executive, Keith Cullen, attributed the rise to the acquisitions the firm has made recently including Synchron and Sentry.
“Our strategic acquisitions – the methodical rationalisation of our network and operations – and restructuring of legacy processes and paradigms to place advice and our advisers and their clients at the centre of our relationship with the practices we support are delivering results.
“We will continue to drive paradigm shifts in the licensee-adviser relationship to improve outcomes for practitioners, their clients and our shareholders.”
Shares in WT Financial have risen 18 per cent over the past year to 8 August versus returns of 4.2 per cent by the ASX 200 over the same period.
Cullen also expanded on the broader adviser market and said he expects a “positive outlook” for advisers in Australia with the introduction of the Quality of Advice Review.
“Demand for quality financial and personal risk insurance advice continues to grow as more Australians plan for and reach retirement – at a time when adviser supply has been reduced and the barriers to entry set high – and net superannuation assets are growing at an incredible $2 billion each week.
“The outlook for our profession has never been stronger for those who embrace the modernisation of the profession, and we believe the outlook has been boosted thanks to the positive manner with which the government is approaching important reforms aimed at opening up accessibility of advice to more Australians.”
The firm said it expects to release its audited financial report by mid-September.
