WCM Global Growth (WQG) H2 2024 earnings summary

Executive summary

• Net operating profit after tax for FY2024 was $45.3m, up 21.9% year-over-year, driven by strong investment portfolio performance and favorable global equity markets.

• Portfolio return for FY2024 was 25.63%, outperforming the MSCI All-Country World Index (ex-Australia) by 5.69%.

• Pre-tax NTA per share increased 19% to $1.744; after-tax NTA per share rose 14% to $1.565, after paying four quarterly dividends totaling 6.8 cps.

• The company continued its on-market share buy-back, acquiring 12.3 million shares for $16.3m.

Financial highlights

• Revenue and other income rose 21% to $69.8m compared to FY2023.

• Net profit after tax increased to $45.3m from $37.2m in FY2023.

• Basic and diluted EPS were 25.1 cps, up from 20.0 cps in FY2023.

• Total investment gains were $67.8m; expenses from ordinary activities were $5.2m.

• Dividends paid totaled $12.2m (FY2023: $14.7m).

Outlook and guidance

• The Board remains optimistic about continued long-term growth, citing a sound investment approach and strong portfolio positioning.

• Future quarterly dividends are intended to increase, with guidance for 1.83 cps (Dec 2024), 1.87 cps (Mar 2025), 1.89 cps (Jun 2025), and 1.91 cps (Sep 2025), all fully franked.