MA Financial Group Limited (MAF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the FY23 full year results presentation for MA Financial Group. My name is Julian Biggins and I'm here with my fellow joint CEO, Chris White. We also have Giles Boddy, the Group CFO, and Michael Leonard, our Head of Investor Relations in the room. We're very pleased to announce another strong operating result for the business, with our strategic initiatives progressing well and recurring revenue continuing to grow strongly. Let's start on slide eight and the highlights for FY23. Momentum remains with the business. Gross fund inflows reached nearly $2 billion in FY23, a record result that was up 27% on the prior year. Our assets under management finished the year at $9.2 billion, up 18% on the prior year. To put in context, when MA Financial listed in 2017, we had $1.1 billion in assets under management and therefore have grown it eightfold in just over six years. Our gross flows last year were nearly doubled in total AUM when we IPO'd. This very strong growth has only been achieved due to our focus on investing strategically. We believe in investing today for tomorrow. In addition to record inflows, we've seen meaningful change in our distribution channels over this time. In 2023, inflows from domestic sources continue to grow rapidly, as did investment from foreign high net worth investors into non-migration funds. Recurring revenue, one of our most important metrics, was up 23% over the period, reflecting strong growth in asset management and the Finshaw platform. This resulted in a materially stronger earnings composition, with recurring revenue growth partly offsetting the expected lower performance day revenue. Our residential mortgage marketplace is working, with Finshaw's loans on platform reaching $110 billion, up 20% over the year...