WCM Global Growth Limited - FY2024 Financial Performance Report
WQG (WQG) Share Update August 2024 Wednesday 14th
WCM Global Growth Limited Reports Strong Financial Performance for FY2024
WCM Global Growth Limited (ASX: WQG) has reported a robust financial performance for the fiscal year ending 30 June 2024, showcasing significant growth in both revenue and net profit.
Instant Summary:
- Revenue from ordinary activities increased by 21.3% to $69.77 million.
- Net profit after tax rose by 21.9% to $45.34 million.
- Earnings per share increased to 25.1 cents, up from 20.0 cents in the previous year.
- Net tangible asset (NTA) per share increased by 19% before tax and 14% after tax.
- Total dividends paid during the year amounted to $12.23 million.
Financial Performance Overview
WCM Global Growth Limited (WQG) has announced impressive financial results for the year ended 30 June 2024. The company reported a 21.3% increase in revenue from ordinary activities, reaching $69.77 million, compared to $57.51 million in the previous year. This growth was driven by strong investment performance and increased portfolio value.
The net profit after tax attributable to members rose by 21.9% to $45.34 million, up from $37.18 million in FY2023. This increase in profitability is a testament to the effective management and strategic investments made by WQG.
Dividend Payments
During FY2024, WQG paid a total of $12.23 million in dividends to shareholders. The company declared four interim dividends and a final dividend, with the final dividend estimated at 1.81 cents per share, fully franked, to be paid on 30 September 2024.
Net Tangible Assets
The net tangible asset (NTA) backing per ordinary security before tax increased by 19% to $1.744, up from $1.465 in the previous year. After tax, the NTA per share rose by 14% to $1.566, compared to $1.375 as of 30 June 2023. This improvement in NTA reflects the company's strong financial position and successful investment strategy.
Investment Performance
WQG's portfolio achieved a return of 25.63% for FY2024, outperforming the MSCI All-Country World Index (ex-Australia) by 5.69%, which delivered a return of 19.94%. The long-term performance of the company's investment portfolio remains strong, with a return of 14.77% per annum since inception in June 2017.
The strong financial performance and impressive returns on the investment portfolio are likely to positively impact WQG's stock price. The increase in NTA per share and the consistent dividend payments demonstrate the company's commitment to delivering value to shareholders. The robust investment performance and strategic management decisions are expected to bolster investor confidence.
Investor Reaction:
Analysts have responded positively to WQG's financial results, highlighting the company's ability to generate strong returns and maintain a solid financial position. The increase in dividends and NTA per share are seen as indicators of the company's growth potential. However, some analysts have noted the importance of monitoring global market conditions and their potential impact on future performance.
Conclusion:
Investors should consider WQG's strong financial performance and strategic investments when evaluating their portfolios. The company's ability to deliver consistent returns and increase shareholder value makes it an attractive option for long-term investment. Staying informed about WQG's future developments and market conditions will be crucial for making informed investment decisions.