MA Financial Group Ltd (“the Group”; ASX: MAF) is pleased to present its financial results for the year to 31 December 2021 (FY21). Key highlights include:
- Underlying earnings per share (EPS) up 52% on FY20 to 38.2 cents
- Statutory EPS up 21% on FY20 to 22.3 cents
- FY21 net fund inflows of $1.1 billion, well up on $0.4 billion in FY20
- Assets under management (AUM) up 28% on FY20 to $6.9 billion
- Continued to build and scale Lending business, with loan portfolio up 44% on FY20
- Record Corporate Advisory & Equities revenue, up 29% on FY20
- Full year dividend of 17 cents per share, up 70% on FY20
- Reaffirm FY22 guidance. Underlying EPS expected to be up 10% to 20%1 on FY21.
MA Financial Group today announced a FY21 result highlighting a period of record earnings and growth as well as strategic delivery. The year was characterised by increased business activity levels across all three operating divisions. Strong net fund inflows, loan portfolio growth, and record Corporate Advisory revenue underpinned the record result.
Underlying Revenue of $232.4 million was up 45% on the FY20 result of $160.1 million, reflecting increased contributions from each division. Asset Management grew Underlying Revenue by 57% on FY20 underpinned by strong transaction and performance fees, base fee growth and positive mark to market movements. The Group’s Lending division continues to expand its loan portfolio whilst building a scalable platform for long-term growth. Corporate Advisory & Equities benefited from an upswing in M&A activity over the year and broadened capability following strategic investment in talent.
FY21 Underlying Net Profit After Tax of $54.9 million and Underlying EPS of 38.2 cents were up 53% and 52% on FY20 respectively. The Group’s focus on balancing attractive operating margins and profitability with continued investment in people, technology and broadening our platform continues to deliver.
The Board declared a fully franked final dividend of 12 cents per share. The full year dividend of 17 cents per share (including the Group’s maiden interim dividend of 5 cents per share) was well up on the FY20 distribution of 10 cents per share. This reflects the Group’s strong capital position and consistency of earnings underpinned by the ongoing growth in revenues that are recurring in nature. The FY21 payout ratio of 45% balances returns to investors with the retention of earnings to fund further growth initiatives.
Joint CEOs Julian Biggins and Chris Wyke said:
“We are extremely pleased with the strength and breadth of our record result in FY21. The Group continues to grow and diversify, and this was reflected in our change of name during the year to MA Financial Group.
It is particularly pleasing that we were able to deliver strong growth whilst continuing to invest in our business platform and capability. We added to our real estate capabilities with the acquisition of RetPro, broadened our Corporate Advisory offering with selective senior hires and added strategically important infrastructure to our Lending business, announcing in December that we would acquire mortgage aggregator Finsure.
The strength of our people and platform combined with our robust balance sheet has MA Financial Group well positioned to continue its strong growth momentum.”
To access full FY21 result materials, visit our Shareholder Centre.
1. This forecast is subject to market conditions, deal completion rates and timing, no material regulatory changes and no further significant COVID-19 related disruptions.
