Ann: 2024 Annual Report, page-2

CGF's "Guidance vs Actual" Story:

Guidance
August 2023: (at the FY2023 full-year announcement): "PBT between $550m and $605m"
Feb 2024 (with the interim result): "PBT in the top half of the $550m and $605m range"
April 2024: (Q3 update): "PBT upgraded to the top end of the $550m and $605m range"

Actual PBT Result:
$608m

They are making a bit of a habit of this.

Guidance for FY2025, for PBT of $640m to $700m, implies growth of 10% (at the midpoint of the range).

Given the strong fund inflows, coupled with the good Cost-to-Income momentum, this little pilgrim will accept wagers that this guidance, like the past 2 years, prove to be light-on.

While they manage what is really a black box, they certainly appear to be running it better each year.

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