Prime Financial Group has reported underlying EBITDA of $11.9 million in its FY2024–25 results, a 17 per cent increase on the prior corresponding period.
The group also saw significant growth in funds under management (FUM) during the financial year, with FUM increasing 58 per cent up to $1.9 billion for FY24–25.
Prime Financial Group managing director and chairman Simon Madder said the increase in FUM was a combination of growth in assets and the acquisition of Lincoln Indicators, which added $600 million in FUM.
“Our client numbers have also grown. We now have an additional 3,300 high-net-worth investors that are now part of our firm by virtue of the Lincoln acquisition,” he said.
Prime Financial acquired the investment research and funds management group back in April this year. It follows other acquisitions in recent years, including the acquisition of alternative asset management firm Altor Capital in February 2024 and Equity Plan Management in July 2024. It also acquired SMSF administration service provider Intello in October 2022.
The group plans to continue to expand through mergers and acquisitions, which Madder said would complement the group’s organic growth strategy of delivering more value and services for clients under one roof.
Madder said the group was well-funded for its growth ambitions after securing an additional facility with Westpac last year, which was enlarged from $24 million to $41 million.
“We’re also enhancing our ability to deliver more value and services for our clients by virtue of a dedicated sales and account management program, which is important for uncovering all the needs of our clients,” he said.
Prime also undertook a major technology review during the financial year, which is set to move into an implementation phase. The review is focused on data consolidation, implementing a group-wide CRM and a pilot AI program.
“AI is widely publicised as being transformative. We’re making sure that we’ve done the reviews, we’re preparing our team and ensuring that our clients are able to interest with us in the way that they want to,” Madder said.
Prime will also seek to deepen its capability for business owners in terms of funding growth, succession and accounting.
The transfer of intergenerational wealth represents a significant opportunity for Prime Financial, according to Madder.
“Intergenerational wealth and business transfer is a decade-long opportunity and we want to make sure that we are positioned for that,” he said.
Plans to double revenue in three to five years
The wealth management group also has ambitious plans to double annual revenue to $100 million within three to five years. Prime Financial previously set a goal in 2022 of doubling its revenue by FY24–25, when its annual revenue was $26 million.
Revenue for FY24–25 was $50 million, while run rate revenue exceeded $55 million.
Madder said this was a material milestone with the group surpassing its three-year goal.
“We remain committed to doubling revenue again to $100M within 3–5 years at an underlying EBITDA margin of 30 per cent and believe we have the foundations in place to achieve this,” Madder said.
“We would like to thank our team, clients, partners and shareholders for their ongoing support and contribution to this positive result.”
