SelfWealth Ltd reported a 45% increase in Underlying EBITDA to $3.5 million and a 1521% increase in NPAT to $1.6 million for the half-year ended 31 December 2023.
Operating revenue decreased by 6% to $13.6 million, while gross profit saw a slight decrease of 3% to $9.8 million.
Net operating cash flow improved by 125% to $1.3 million, with cash at bank increasing by 11% to $12.0 million.
Funds under administration grew by 14% to $10.1 billion, despite a significant decline in broader market equity trading volumes.
The number of active traders remained stable at around 128,600.
Operating expenses were reduced by 20.7%, attributed to lower selling and marketing costs, reduced headcount, and lower supplier expenses.
A new CEO, Craig Keary, and a renewed leadership team were appointed to drive transformation and scale the business for sustainable growth.
SelfWealth has focused on retaining loyal customers and attracting High-Net-Worth traders, alongside efforts to diversify and support growth through market cycles.
The company has experienced five consecutive quarters of positive cash flow and continues to have no debt.
Despite subdued trading conditions, January saw an uptick in ASX market trading volumes, indicating potential for future growth.
This announcement is a summary of the company approved ASX announcement on 27/2/2024.