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WT Financial Group - FY2023 Results Commentary

WT Financial Group Limited (“WTL”, “the Company” or “the Group”) has today released its audited financial statement for the full year to 30 June 2023 (FY23) with no material variance to its previously announced indicative results.

Summary of audited results

  • Revenue & Other Income was up 57% to $162.49M (FY22 $103.63M). Direct Cost of Sales were $145.40M (FY22 $92.56M), resulting in a gross profit increase of 54% to $17.08M (FY22 $11.07M).
  • Total Operating Expenses (excluding depreciation, amortisation, interest and tax) were $10.62M (FY2022 $7.15M), resulting in an Operating Profit (EBITDA) of $6.46M (FY2022 $3.92M).
  • Depreciation & Amortisation (inclusive of Depreciation of Right-of-Use Assets) totalled $833k (FY2022 $503k), and underlying Net Interest Expense (including Lease Liability Finance Costs) was $833k (FY2022 $598k) resulting in Net Profit Before Tax of $4.88M (FY2022 $2.82M).
  • With the benefit of carried-forward tax losses no cash tax liability will arise; however, the Company’s statutory tax calculation was $736k (FY2022 $477k) resulting in a more than doubling of statutory Net Profit After Tax to $4.14M (FY2022: $1.87M).  

For more information, download the attached PDF.

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