WT Financial Group Limited (ASX: WTL) (the “Company”, or the “Group”) today announced indicative results for the half-year to 31 December 2021 of Group EBITDA of $1.67M (H1FY2021 $169K) and consolidated net profit after tax of $1.12M (H1FY2021: loss $333K), following the successful integration of its Sentry Group Pty Ltd (Sentry) acquisition (which was completed on 17 July 2021).
Key components of the results, which are subject to final audit review, are provided below. All comparisons are to the prior corresponding period (PCP) of the six months to 31 December 2020.
Summary of results
-- Total revenue and other income increased 417% to $34.97M (H1FY2021: $7.13M)
-- Operating expenses were contained to a 16% increase to $2.88M (H1FY2021: $2.48M) reflective of the success of the Group’s integration and restructuring programs
-- Cost of goods sold increased 577% to $30.41M (H1FY2021 $4.49M) in line with expectations and reflective of increased revenue contribution from non-salaried advisers
-- The Group’s consolidated EBITDA profit was up 886% to $1.67M (H1FY2021 $169K)
-- Inclusive of $53K of financing charges associated with premises leases (in line with the mandatory adoption of AASB16 – Leases), finance costs were down 24% on the PCP to $189K
-- Depreciation and amortisation were also down by 33% on the PCP to $252K (H1FY2021 $376K) aided by balance sheet restructuring in FY2021
-- Statutory income tax expense was $106K (H1FY2021: benefit $122K) resulting in a consolidated profit after tax of $1.12M, up 436% on the PCP (H1FY2021: loss of $333K) which is in line with the Company’s expectations and with market guidance
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