Harmoney Corp - 2024 Annual Meeting Highlights Growth and Sustainability
HARMONEY CORP LIMITED (HMY) Share Update November 2024 Thursday 14th
Harmoney Corp Announces Strong Growth and Sustainability Achievements at 2024 Annual Meeting
Harmoney Corp Limited (ASX:HMY) held its 2024 Annual General Meeting, where the Chair and CEO addressed significant growth and sustainability achievements, highlighting the launch of the Stellare® 2.0 platform and impressive financial performance.
Instant Summary:
- Launch of Stellare® 2.0 platform in Australia.
- Over 50% increase in new customer originations in Australia.
- 57% reduction in Scope 1, 2, and 3 emissions.
- Net interest margin on new lending above 10%.
- Loan book growth to $769 million as of Q1FY25.
Chairman's Address
Paul Lahiff, Chair of Harmoney, opened the meeting by introducing the Board members and highlighting the company's achievements over the past year. The launch of the Stellare® 2.0 platform in Australia was a major milestone, incorporating advanced technologies to enhance customer experience and operational efficiency.
Harmoney also made significant strides in sustainability, reducing emissions by 57% and maintaining net zero emissions. These efforts reflect the company's commitment to long-term value creation and environmental responsibility.
CEO's Address
CEO David Stevens elaborated on the operational successes, noting the transformative impact of Stellare® 2.0. The platform has driven a more than 50% increase in new customer originations in Australia, with similar success expected in New Zealand as the platform expands.
Financially, Harmoney delivered its fifth consecutive half of Cash NPAT profitability and loan book growth, with a loan book reaching $769 million. The company achieved a net interest margin above 10%, indicating strong financial health and growth potential.
Future Outlook
Looking ahead, Harmoney aims to achieve a 20% cash return on equity run rate and accelerate loan book growth with the full rollout of Stellare® 2.0. The company plans to maintain operational leverage, allowing revenue growth to outpace operating costs, and expects continued Cash NPAT growth.
The launch of Stellare® 2.0 and the company's strong financial performance are likely to boost investor confidence and positively impact Harmoney's stock price. The reduction in emissions and commitment to sustainability may also attract environmentally-conscious investors.
Investor Reaction:
Analysts are likely to react positively to Harmoney's growth and sustainability achievements, viewing the Stellare® 2.0 platform as a key driver of future success. The company's financial health and strategic focus on innovation are expected to reassure investors.
Conclusion:
Investors should consider Harmoney's strategic initiatives and strong performance as indicators of potential long-term growth. Staying informed on the company's progress and market conditions will be crucial for making informed investment decisions.