Business
Results for the year ended 31 March 2024
Results for the year ended 31 March 2024.
About this update from Oberon Investments Group Plc.
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the UK version of the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \nOberon Investments Group plc\n('Oberon', the 'Company', or the 'Group')\n \nResults for the year ended 31 March 2024\n \nA transformative year with strong revenue growth\n \nOberon Investments Group plc (AQSE: OBE), the boutique investment management, wealth planning and corporate broking group, announces its audited preliminary results for the year ended 31 March 2024 (FY24), reporting a transformative year with strong revenue growth which has continued into the new financial year (FY25).\n \nRevenue increased by 50% to £7.58m from £5.05m last year. It has been a year of continued investment for the Company. Whilst the cost of adding teams has been borne during FY24, it is anticipated that the majority of the associated revenues from these hires will benefit the Group in FY25. Despite the higher administrative expenses in the period, total losses for the year have reduced by c.25%.\n \nFinancial highlights\n· Revenue up 50% to £7.5m (FY23: £5.0m)\n- Financial planning division Smythe House revenues increased c.68%\n· Total Group loss of £2.7m (FY23: loss of £3.9m)\n· Cash and cash equivalents of £2.0m (FY23: £2.4m)\n \nOperational Highlights\n· A number of new team wins secured across the wealth/investment management division and Smythe House, growing staff count to over 80 from 48:\n- Oberon now has 16 Investment Managers\n- Smythe House team has expanded from 3 to 8 members\n- Each of these new team members comes with their own established client base, directly contributing to revenue growth\n· Won first open-ended fund mandate to run the MGTS Tempus Growth Portfolio\n· Acquisition of a stake in Logic was completed in June 2023. Logic is currently investing in new systems, compliance functions, and governance t...