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Sequoia Financial Group - FY23 Financial Results

Sequoia Financial Group Limited (ASX: SEQ) (Sequoia, the Company) today released its FY23 Financial results for the year ended 30 June 2023.

Result Highlights:

-- Revenue $131.5m; Operating profit $5.5m
-- Results were down YoY, because of weaker equity market conditions and non-recurring expenses.
-- Transformational asset sale provides funding for future growth.
-- 80% of Morrisons divested for $40.5m
-- We have receipted the final consideration payment of $15m today
-- No final dividend will be paid for FY23. However, we intend to issue a special dividend of 4.0 cents per share for completion of the Morrison transaction.
-- The special dividend will be announced in September 2023 and will be in addition to any interim dividend based on the 1H FY24 results as determined by the Group at that time.
-- Cash at bank on 31 August 2023 is approx. $40m.
-- Two further acquisitions were completed, aligning with SEQ’s strategic growth ambition.
-- Enhanced organizational capability with 3 new senior appointments.
-- Strong Q4 for Equity Markets division has provided strong momentum heading into FY24.

For more information, download the attached PDF.

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