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MA Financial Reports Record Full Year Result, Dividend up 18% to 20cps
MA Financial Office Space
Published 23 February 2023
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MA Financial Group Ltd (“the Group”; ASX: MAF) is pleased to present its financial results for the 12 months to 31 December 2022 (FY22). Key highlights include:

  • Record Underlying revenue, up 41% on FY21 to A$302 million.
  • Record Underlying earnings per share (EPS) up 29% on FY21 to 38.3 cents (Statutory EPS up 26% to 28.0 cents)
  • FY22 gross fund inflows of A$1.5 billion, driven by strong flows into credit funds
  • Assets under management (AUM) up 13% on FY21 to A$7.8 billion (A$8.0bn in Feb-23)
  • Finsure managed loans up 37% on FY21 to A$91 billion
  • Full year dividend of 20 cents per share, up 18% on FY21

MA Financial today announced a record full year result, highlighting the Group’s ability to grow through market cycles given its strength and diversity.

Underlying Revenue of A$301.8 million was up 41% on FY21 driven by a strong performance by the Group’s Asset Management business.

FY22 Underlying net profit after tax of A$61.4 million and Underlying EPS of 38.3 cents were up 44% and 29% on FY21 respectively. Importantly, the Group was able to deliver this strong earnings growth alongside significant investment in people, technology, and product development which we believe will be key drivers of long-term growth.

Asset Management delivered 78% of the Group’s EBITDA (before Corporate costs), up 78% on FY21 due to strong performance fees and 36% growth in recurring revenue. Gross fund inflows of A$1.5 billion over the year underpinned the growth in recurring revenue with nearly 80% of the flows being allocated to Credit Investing funds.

The Group’s ongoing strategic development of a vibrant Residential Lending Marketplace within the Lending & Technology division significantly increased its reach and expertise. The successful integration of Finsure and the acquisition of the remaining 52.5% of MKM before its restructure and rebrand to MA Money in November materially grew our scale in this important business. Finsure added over 500 brokers to its platform in 2022, now 2,640 brokers in total, and increased its Managed Loans by 37% to A$91 billion.

Corporate Advisory & Equities proved resilient acting on a diverse range of transactions highlighting the division’s broadened capability following investments in talent. Corporate Advisory fees were down 7% on FY21, impacted by weaker ECM activity and the delayed completion of multiple transactions that are expected to close in 1Q23.

The Board has declared a fully franked final dividend of 14 cents per share. The full year dividend of 20 cents per share is up 18% on FY21, representing a payout ratio of 52%. This reflects the Group’s strong capital position and consistency of earnings underpinned by the ongoing growth in recurring revenues. Since listing at A$2.35 per share in 2017, MA Financial will have paid to its shareholders an aggregate of 72 cents per share in fully franked dividends.

Joint CEOs Julian Biggins and Chris Wyke said:

“We are very pleased with how the business has performed, delivering a record financial result in 2022 alongside continued investment into future growth. This performance reflects our deliberate strategy to build a diversified business that can grow through market cycles.”

©2024 MA Asset Management, LLC. All rights reserved. All facts and figures are current as at 30 June 2024. AUM converted at the USD/AUD spot rate at 30 June 2024.
This webpage and information are proprietary to MA Asset Management. No part of this website may be modified, reproduced, copied, or distributed in any form without express written consent of MA Asset Management. Neither MA Asset Management nor any member of the MA Financial make any representation or warranty, express or implied, that the information and materials contained on this website are up to date, accurate or complete. To the maximum extent permitted by law, neither MA Asset Management nor any member of MA Financial will be liable for any for any loss or claim resulting from or in connection with the website and any information contained herein.
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