WT Financial Group Limited (“WTL”, “the Company” or “the Group”) today released its audited full year statutory accounts year to 30 June 2022 (“FY2022”) confirming its previously released (unaudited) preliminary final report as lodged on 26 August 2022.
Summary of results
Total Revenue & Other Income was up 664% to $103.63M (FY2021 $13.56M), with Direct Cost of Sales of $92.56M (FY2021 $9.05M).
Total Operating Expenses (excluding depreciation, amortisation, interest and tax) were $7.15M (FY2021 $4.77M), resulting in an Operating Profit (EBITDA) of $3.92M (FY2021 $36K).
Depreciation & Amortisation totalled $503k (FY2021 $419k), and underlying Net Interest Expense (excluding acquisition-related debt restructuring) was $598k (FY2021 $615k) resulting in an Underlying Operating Net Profit Before Tax of $2.82M (FY2021 underlying before tax loss of $998K).
After accounting for one-off debt restructuring of $472k (associated with the Synchron acquisition), statutory Net Profit Before Tax was $2.35M (FY2021 before tax loss of $3.89M after $2.89M of restructuring costs).
With the benefit of carried-forward tax losses of more than $9M no cash tax liability will arise; however, the Company’s statutory tax calculation was $477k (FY2021 tax benefit of $605k) resulting in a statutory Net Profit After Tax of $1.87M (FY2021 after tax loss of $3.29M).
The Company’s cash balance on 30 June 2022 was $3.38M, with additional undrawn facilities of $2.12M available to it.
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