Half Year 2024 Allfunds Group PLC Earnings Call Transcript
Key Points
- Allfunds Group PLC (FRA:6UY) reported record financial performance for the first half of 2024, with revenues reaching EUR310 million, a 16.4% increase compared to the first half of 2023.
- The company achieved a strong adjusted EBITDA margin of 68%, reflecting a 22% growth in adjusted EBITDA compared to the previous year.
- Allfunds Group PLC (FRA:6UY) experienced a significant recovery in net flows, with EUR14.3 billion in positive net flows, marking the first inflows from existing clients since 2021.
- The subscription business grew by 18% in the first half of 2024, driven by improved commercial activity and successful integration of recent acquisitions.
- The company is expanding its platform offerings with the introduction of a new ETP platform, expected to launch in the first quarter of 2025, aiming to capture a growing market estimated at EUR2 trillion.
- Despite the positive financial performance, the company faces challenges with the ongoing shift from rebate-bearing AuA to non-rebate-bearing AuA, which may impact future revenue margins.
- The subscription revenue growth, although positive, has faced competition from fintechs and other digital service providers, which could affect future growth rates.
- The company anticipates a weaker second half of 2024 for net treasury income due to potential rate cuts and seasonal transaction activity declines in Q3.
- Allfunds Group PLC (FRA:6UY) continues to face pressure from a competitive market environment, particularly in the alternatives and ETP segments.
- The company has not yet achieved its target of 30% revenue from subscription services, indicating a need for further M&A activity to reach this goal.
Good morning, and welcome to Allfunds financial results presentation for the first half of 2024. Thank you for joining us today I'm hear with Juan Alcaraz, Allfunds Chief Executive Officer; and Ãlvaro Perera, Chief Financial Officer.
Juan and Alvaro, will take you through the presentation for an overview on our performance and outlook. After our prepared remarks, we will be happy to take your questions. This call is being broadcast live and a replay will also be available on our website during the day.
Juan over to you.
Thank you very much, Sylvia and good morning to everyone and give you a brief summary of our key highlights and share with you the significant strategic progress that we are making. Then I will hand over to Ãlvaro to go through the financials in more detail.
Today, I'm excited to share with you our first half performance with two main messages, growth acceleration and
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