Prime Financial : 2021 AGM - Chairman's Address and MD CEO Presentation
PFG.AX
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ASX Announcement
Prime Financial Group Ltd (Prime - ASX: PFG)
26 November 2021
Prime Financial Group Ltd (Prime - ASX code PFG) 2021 Annual General Meeting
In accordance with the requirements of the ASX Listing Rules, Prime Financial Group Ltd (ASX: PFG) is pleased to provide a copy of the presentation to be given by Prime's Chairman and Managing Director/CEO, Mr Simon Madder, at the Company's Annual General Meeting (which will commence at 9.00am this morning).
About Prime Financial Group
Prime is 'One Connected' professional services firm, operating across four key areas in Accounting
For more information on this announcement please contact Simon Madder (Managing Director/CEO) on (03) 9827 6999.
HEAD OFFICE
Level 17, HWT Tower
T. 03 9827 6999
PRIME FINANCIAL GROUP LTD
40 City Road
ACN 009 487 674
Southbank VIC 3006
W. www.primefinancial.com.au
1
For personal use only
ASX Announcement
Prime Financial Group Ltd (Prime - ASX: PFG)
26 November 2021
2021 Annual General Meeting
Chairman's Address
Good morning Ladies and Gentlemen. On behalf of my fellow Directors, Mr Matt Murphy and Mr Tim Bennett, it gives me great pleasure to welcome you to this virtual 2021 Annual General Meeting of Prime Financial Group Limited. My name is Simon Madder, and I have the honour of being your Chairman.
I would also like to take the opportunity to welcome the members of our team who have joined us virtually this morning, as well as representatives from our auditors, EY, and from our legal advisers, HFW Australia. I would also like to welcome representatives of Computershare, who will be counting votes on resolutions to be considered this morning.
The agenda for this meeting will comprise of my address, followed by a presentation on the business and the results for the 2021 financial year. I will also provide an update for the current financial year. We will then allow time for questions.
The formal business of the meeting will then be conducted which will include resolutions for the adoption of the 2021 Annual Financial Statements and the Remuneration Report, the re-election of Mr Tim Bennett as a Director of the Company, followed by the approval of the issue of Performance Rights under the Performance Rights Plan to the directors, Mr Simon Madder, Mr Matt Murphy and Mr Tim Bennett.
Overview
It is very pleasing to report to you an impressive result that underscores the strength of Prime Financial Group Ltd's (Prime) core business and growth strategy. At the centre of this strategy is Prime's 'OneConnected' service, client and team approach that continues to deliver revenue and earnings growth plus high and increasing levels of client satisfaction as measured through regular client surveys.
Over the last three years we have continued to build on our core values as an accountable, proactive, professional and relationship-focused team and business all whilst navigating the recent challenges of COVID-19 for all our stakeholders. This is a continuous journey where we are making real progress.
We feel confident that our philosophy of team transparency and balancing financial and non- financial objectives is effective and we want to continue to build momentum in our four divisions as we move into a more growth orientated phase in the development of Prime.
Our team is our biggest asset, and we want to continue to develop incentive structures, a culture and balance to achieve sustainably higher business and personal growth with a business owner mentality at the core, a true partnership between team and shareholders that encourages development and alignment.
HEAD OFFICE
Level 17, HWT Tower
T. 03 9827 6999
PRIME FINANCIAL GROUP LTD
40 City Road
ACN 009 487 674
Southbank VIC 3006
W. www.primefinancial.com.au
2
For personal use only
ASX Announcement
Prime Financial Group Ltd (Prime - ASX: PFG)
26 November 2021
Our business is well positioned after three years of consecutive earnings (Underlying EBITDA for members/shareholders) growth which has seen 8%, 7% and 22% growth in each of FY19, FY20 and FY21 on a comparable basis. The challenge and the opportunity is to continue to selectively scale the firm whilst focusing on key areas of difference and expertise all whilst recruiting and developing a diverse group of engaged talent that affect superior outcomes for clients, themselves and shareholders.
We appreciate the support of our shareholders, the dedication of our team and respect the resilience of our clients as they navigate their own personal and business objectives, our focus remains empowering and achieving aspirations.
Across Prime's key group metrics there were material improvements with particular emphasis on the increase in earnings, net operating cashflow, margin and dividends. There was also a material reduction in debt which was supported by a focus on cost control.
These improvements are a reflection of a growing client base and delivering additional high value services to existing clients which was supported by a broad based business and stock market recovery.
Accounting & Business Advisory plus Capital
Revenue increased by 10% for the year through various organic growth initiatives. We continue to see high demand for core Accounting Services which are substantially recurring in nature and a material uptick in the number of engagements and successful outcomes for the Capital & Corporate Advisory clients, this is increasingly supported by positive market sentiment for M & A activity.
Wealth Management & SMSF
Revenue declined by 4% for the year, however supportive industry dynamics, including the current level of stock markets and an increase in Wealth Management Funds Under Management (FUM) is positioning the segment for growth. This is further supported by a material reduction in the number of Financial Advisers in the industry, without a corresponding drop in demand for services. As an established Wealth Manager with a 23 year history, good scale and deep expertise, Prime are well positioned to participate in the industry re-positioning.
Prime continues to achieve above industry organic growth from Prime's SMSF division which will enter its fourth year of operation in FY22 which will also see a focus on the continued development of the Wealth Management Wholesale client offering and Family Office capability.
Clients and Community
Prime's focus remained on providing our clients with support and advice on how to best manage through different and often disrupted business conditions by being planned, proactive and timely in our approach. It was also rewarding for the Prime team to see a 34% increase in the client Net
HEAD OFFICE
Level 17, HWT Tower
T. 03 9827 6999
PRIME FINANCIAL GROUP LTD
40 City Road
ACN 009 487 674
Southbank VIC 3006
W. www.primefinancial.com.au
3
For personal use only
ASX Announcement
Prime Financial Group Ltd (Prime - ASX: PFG)
26 November 2021
Promoter Score (NPS) survey with top quartile performance when measured against peers. We thank our clients for their ongoing support and appreciation.
As part of our contribution to the broader community, Prime continued the Business Owner and Wealth Management Forums initiated in FY20 along with regular media spots educating SMSF trustees. All of these sessions were available free of charge for our clients, our business partners and those in their respective networks and communities.
For our team we continued with our Employee Giveback Program which offers a paid voluntary leave day to support a preferred charity of the team members choice. Circumstances limited this program in FY21 but we hope that this continues to be a valuable contribution in FY22 for both team members and charity alike. Prime were also pleased to support and sponsor the MayDay Charity Event again in FY21, which successfully raised funds for the EB Research Foundation.
As part of Prime's responsibility, we understand the importance of being a positive contributor to our community and delivering value for our clients, something we strive to do and improve on each year as we continue to evolve and build our programs.
I will now elaborate further on the performance of Prime and our financial results for the year.
Simon Madder
Chairman
HEAD OFFICE
Level 17, HWT Tower
T. 03 9827 6999
PRIME FINANCIAL GROUP LTD
40 City Road
ACN 009 487 674
Southbank VIC 3006
W. www.primefinancial.com.au
4
ersonal use only
Prime Financial Group Ltd (ASX: PFG)
AGM Presentation
26 November 2021
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Disclaimer
Prime Financial Group Limited published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 21:39:00 UTC.