MA Financial Group Limited (MAF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the MA Financial Group half-year 2024 result announcement. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Julian Biggins, Joint Please go ahead. Good morning, and thank you for joining MA Financial Group's first half FY24 result presentation. My name is Julian Biggins, and I'm sitting here with my fellow co-CEO, Chris Wyke. We also have Giles Boddy, our Chief Financial Officer in the room, and Michael Leonard, our Director of Investor Relations. I am pleased to provide you with an update on how we performed in the first half and our outlook for the future. Let's start on slide six and key themes. Overall, we are pleased with the result as the business performed in line with our expectations in an uncertain and cautious environment. We are pleased to report record gross and net inflows underpinned by our rapidly expanding domestic distribution channel. We've also delivered an increase in recurring revenue over the period as asset management and FinShore both grew their recurring revenue streams over the half. This builds a strong foundation for the future. Both Finshaw and MA Money continue to experience significant growth with MA Money's net interest margin expanding and run rate breakeven now expected by October 2024. The breakeven point for MA Money is an important milestone for the group as MA Money starts to generate profit which will significantly contribute to the group's earnings growth looking forward. Today we announce the launch of two significant institutional initiatives that we...