Investing.com – Total revenue of Azimut Holdings (BIT:) reached €702 million in the first half of 2024, up 9% compared to €643 million in the first half of 2023. At the same time, the recurring management fees they stand at €590 million in (compared to €571 million in the same period last year). “This growth is driven by revenues coming from private markets, advisory services and asset management, as well as a significant contribution from revenues abroad, especially in Australia, Turkey, Brazil and Monaco”, underlined the company in a Note.
THE total operating costs reached €390 million, with an increase of 9% compared to €358 million in the first half of 2023.
Operating profit grew by 9% to €312 million (compared to €286 million in the same period in 2023), maintaining a operating margin of 44%.
THE money earned reached €155 million (compared to €52 million in H1 2023), mainly benefiting from a capital gain on the sale of a 20% stake in Kennedy Lewis Investment Management to Goldman Sachs (NYSE:) Asset Management’s Petershill, as announced on the first part of April.
net income arranged standing on €330 million in the first half of 2024, up 43% compared to €231 million last year.
there net financial position consolidated at the end of June 2024, it was positive for approx €637 million, up €245 million compared to the end of December 2023. This increase includes the €206 million (before tax) the group collected in early April from the sale of its stake in Kennedy Lewis Investment Management. This increase was partially offset by dividend payments amounting to €160 million, including cash dividend of €1.00 per part (in addition to the dividend of €0.39 in treasury shares) and dividends related to participatory financial instruments. Furthermore, investments and acquisitions of around €35 million were made and around €84 million were spent on taxes and virtual stamp duty.
Recruitment activity is positive in Italy of financial advisor and wealth manager: in the first six months of 2024 the group and its divisions have been registered 48 new entriesbringing Azimut Group’s total at the end of June to 1,848 units.
The net collection target for the entire year has been exceeded
Based on the latest results and recent corporate developments, the group said confident in the ability to exceed the goals set for the whole of 2024 (target of over €7 billion in net collections which were significantly exceeded in the first half of the year And €500 million net income).
“The half-yearly report now, in the last year of the industrial plan where, five years ago, we announced that we will increase our net income by 50 million euros per yearis online for exceeding the target of 500 million net income (from the 250 million we started five years ago)”, underlined Pietro Giuliani, president of the group. “That Azimut’s global expansion strategy shows how, during when in Italy the asset management industry is struggling to grow, Azimut managed to reach 10 billion in net collections in just 6 months (in 102.5 billion euros in total assets at the end of June where 50% about you then collected abroad). The decision was made 10 years ago to enter the private markets (private equity, private credit, infrastructure, venture capital, etc…) satisfies our customers thanks to the range of products and advice of our financial advisors, unique in Italy. In the past month – concluded Giuliani – we completed i 20 years since our list (34 years since our foundation) multiplying the capital invested by our shareholders by approximately 15 times (100,000 euros invested is now 1.5 million!)”.
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