Pacific Current shares gain after 18% FUM boost in FY24
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The news: Shares in Pacific Current gained on the ASX after the asset manager reported an 18% rise in funds under management (FUM) during the 2024 financial year.
The numbers: Shares climbed 4.8% to $11.21 by 2:30pm AEST, having added more than 25% since January.
FUM increased from $35.9 billion to $42.5 billion, excluding boutiques sold during the year. Underlying NPAT grew 24% to to $32.2 million while underlying EBITDA was up 18% to $41.6 million.
The company declared a dividend of 38 cents per share, in line with last year's payout.
The context: Pacific Current described FY24 as a "transformational year" for the group. It noted that its full-year profit reflected the realised gain from its asset sales, partly offset by its investments in Aether, IFP and Banner Oak.
During the year, the company sold its stake in GQG — as well as interests in Proterra, Cordillera, Avante and Pennybacker — which it said provided potential for capital return, dividend payment, debt paydown and future growth initiatives.
In the first few weeks of FY25, Pacific Current also announced the sale of its stake in Carlisle Management and the partial sale of its interest in Victory Park Capital, with both transactions still subject to various approvals.
What they said: "FY25 has been an extraordinary year where [Pacific Current] realised a number of investments at a great return and the business has consolidated operations to increase operational leverage," Pacific Current's chair Tony Robinson said.
The source: ASX announcement
