Sequoia Financial Group Limited (ASX:SEQ) Announces H1 2024 Results
Financial Performance
Sequoia Financial Group Limited reported revenues of $60.6 million for the half-year ended 31 December 2024, a decrease of 10.3% compared to the previous period. Profit after tax attributable to owners fell by 87.1% to $3.6 million.
Dividends
The company paid a 2024 final dividend of 2.50 cents per share and a 2024 special dividend of 2.50 cents per share on 11 September 2024. Additionally, a 2025 interim dividend of 2.00 cents per share was declared, with the record date on 5 March 2025 and payment on 18 March 2025. All dividends are fully franked.
Operational Changes
Sequoia streamlined operations by divesting four non-core businesses and the restructuring of operating segments into two primary divisions: Licensee and Adviser Services, and Legal and Administration Services. The company invested in technology improvements, enhancing operational efficiency and reducing staffing by over 10%, expected to save approximately $1.5 million annually.
Executive Comments
CEO Garry Crole stated, “I am pleased to share this update for Sequoia Financial Group’s (‘Sequoia’) 1HFY25 results. It is the Board and Management’s considered view that the structural and demographic changes, where the need for advice is increasing at a time the number of professional advice providers is reducing, represents a sustainable and profitable trajectory for Sequoia’s key businesses.”
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