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.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.