Australia's Netwealth surges on robust FY results

Netwealth

24/08/2022 06:54

** Shares of Netwealth Group  NWL.AX  jump as much as 9.6%
to A$14.36, their best day since Dec 7 if gains hold 
    ** The wealth manager reports a FY22 total income of A$173.3
billion ($119.78 billion), up 19.6% from the prior corresponding
period, helped by an increase in its platform revenue 
 urn:newsml:reuters.com:*:nFWN2ZZ1XW
    ** Adds that FY underlying after tax was A$55.9 mln, up
1.8%; declares a fully-franked dividend of 10 Au cents per share
    ** Co records funds under administration net inflows of A$13
bln for FY, an increase of 32.4% from last year
    ** Analysts from Citi see flows improving and revenue
margins to benefit from a higher cash margin in FY23
    ** Shares hit highest since Apr 8 
    ** Stock has fallen ~26% this year, as of last close


($1 = 1.4468 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))