General Capital (GEN) H2 2024 earnings summary

Executive summary

• Achieved record financial results for the year ended 31 March 2024, with revenue up 25% to $17.17 million and net profit after tax up 17% to $2.63 million compared to the prior year.

• Total assets increased 20% to $163.33 million, and total equity rose 11% to $26.81 million year-over-year.

• General Finance Limited’s BB credit rating with Stable Outlook was reaffirmed by Equifax in December 2023.

Financial highlights

• Revenue grew to $17.17 million from $13.71 million year-over-year (+25%).

• Net profit after tax increased to $2.63 million from $2.26 million (+17%).

• Net tangible assets per share rose to 6.65 cps from 5.94 cps (+12%).

• Cost-to-income ratio remained stable at 56.25% (prior year: 56.57%).

• Net interest margin declined to 2.90% from 4.48% due to higher interest rates.

Outlook and guidance

• Anticipates continued growth and profitability in FY25, focusing on expanding the loan book, enhancing advisory services, and maintaining strong liquidity.

• Expects further growth in secured term deposits and sustainable value creation for shareholders.