- Income Asset Management (IAM) posts an 88 per cent increase in total revenue for FY23
- The company also highlighted significant growth in assets under administration, surpassing $3 billion
- Capital markets trading climbed 235 per cent
- Cash at the end of the FY was $9.3 million, reflecting more than double that at the end of FY22, which was $2.8 million
- IAM shares are up 3.7 per cent, trading at 14 cents at 3:08 pm AEST
Income Asset Management (IAM) has reported an 88 per cent increase in total revenue for FY23, along with significant growth in assets under administration, surpassing $3 billion.
The company generated $13.85 million year-on-year, marked by a 103 per cent increase in capital markets clients, totaling 1304, compared to the previous year’s 640.
Capital markets trading witnessed a 235 per cent surge throughout the year, resulting in IAM’s total assets under administration reaching $3.1 billion, reflecting a 55 per cent YoY increase.
“This was a year of consolidating past achievements and then expansion, we have built upon the foundations we’ve put in place over the last two years,” IAM CEO Jon Lechte said.
“Going forward into FY24 we are focussed on executing our defined strategy, expanding into a new product in Exchange Traded Bonds (ETB’s) and adding new revenue-generating staff with proven experience and capability.”
The year concluded with $9.3 million in cash, more than double the previous year’s total of $2.8 million.
IAM has achieved three consecutive quarters of positive operating cash flow, with this quarter seeing the group generate $3.5 million in cash from the sale of its 25 per cent investment in Fortlake Asset Management.
Additionally, IAM acquired the management rights to the ‘Global Credit Opportunity Fund’ for $350,000.
In a further development, 39 new debt instruments were introduced into the market, accumulating a total placement value of over $450 million.
IAM clients’ loans increased to $265 million and are currently held through Trustees Australia Limited.
IAM shares were up 3.7 per cent, trading at 14 cents at 3:08 pm AEST.