Continued quiet equity capital market activity has tempered Euroz Hartley’s full year financial results, while it focuses on growing its funds under management.
Continued quiet equity capital market activity has tempered Euroz Hartley’s full year financial results, while it focuses on growing its funds under management.
The financial services firm reported net profit after tax of $5.5 million for the financial year to June 30, compared to $9.3 million for FY23, citing a slow first eight months.
It also posted a full year dividend of 4.75 cents per share fully franked, down from 6 cents per share fully franked in the prior corresponding period.
Total brokerage revenue increased by 17.2 per cent on the previous year, after it was down, with wholesale and private wealth brokerage revenues both up.
Euroz told the market that a “brief but strong” capital raising window towards the end of FY24 led to total ECM raising of $1.4 billion, down from $1.9 billion in FY23.
Its total ECM revenues were down 12.6 per cent compared to the prior period.
In the period of January to June, Euroz advised on 27 ECM deals worth a collective $959 million, according to Business News’ twice-yearly corporate finance survey.
The firm was the lead manager to Bhagwan Marine for its $80 million IPO and worked on uranium player Bannerman Energy’s upsized $85 million placement and Botanix Pharmaceuticals’ $70 million placement.
For the full year, Euroz’s advisory revenue dropped 79 per cent after a “particularly good previous year” but it remained optimistic that revenue would rebound.
The firm reported funds under management of $3.89 billion, up from $3.4 billion in FY23. It said it had spent “considerable time and effort developing new strategies to drive FUM growth and consolidate the products” in its wealth offering.
“We are very happy with the perfromacne of our business during the back end of the financial year despite a mostly overall lukewarm market,” executive chairman Andrew McKenzie said in the ASX statement.
“We strongly believe that our team-based culture is the driving force to our recently improving market share in many parts of our business.
“We are optimistic that our financial outlook and market position has now improved and that our business remains strongly leveraged to a continues solid overall outlook for commodity prices, a positive Western Australian economy and a growing need for meaningful and holistic financial advice.”
