WT Financial Group Limited (“WTL”, “the Company” or “the Group”) is pleased to provide indicative results for the full year to 30 June 2023 (FY23) showing a 57% increase in revenue and other income over the prior period to $162.49M (FY22 $103.63), and a more than doubling of both net profit before tax (NPBT) - up 115% to $5.04M (FY22 $2.35M); and net profit after tax (NPAT) - up 130% to $4.31M (FY22 $1.87M).
The Company’s CEO, Keith Cullen, said, “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”.
Summary of indicative results
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Revenue & Other Income was up 57% to $162.49M (FY22 $103.63M). Direct Cost of Sales were $145.40M (FY22 $92.56M), resulting in an expected gross profit increase of 54% to $17.08M (FY22 $11.07M).
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Earnings before interest & tax (EBIT) is expected to be up 99% to $5.59M (FY22 $2.80M) after Total Operating Expenses increased just 49% to $10.62M (FY22 $7.15M); and Depreciation & Amortisation (inclusive of Right-of-Use Assets and Lease Liability Finance Costs) totalled $862k (FY22 $1.12M, inclusive of one-off expenses of $472k).
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NPBT is expected to be up 115%
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