Positive performance in a difficult market environment – real estate and forest funds supported the company’s profit growth.
The Report: United Bankers Plc’s Half-Year Financial Report 1 Jan–30 June 2022
Detailed IR-Communication: United Bankers Plc – STOCK EXCHANGE RELEASE 26 August 2022 at 09:00 EEST
January–June 2022 in brief
- The Group’s revenue (income from operations) in the review period amounted to EUR 23.4 million (EUR 21.0 million in 1–6/2021), an increase of 11.0%.
- The Group’s adjusted EBITDA in the review period amounted to EUR 8.4 million (EUR 7.3 million in 1–6/2021), an increase of 15.7% and adjusted operating profit amounted to EUR 7.4 million (EUR 6.4 million in 1–6/2021), an increase of 16.4%.
- The Group’s operating profit for the review period amounted to EUR 7.4 million (EUR 6.3 million in 1–6/2021), an increase of 18.2% and the profit for the review period amounted to EUR 5.8 million (EUR 4.9 million in 1–6/2021), an increase of 18.1%.
- Earnings per share were EUR 0.53 (EUR 0.43 in 1–6/2021), an increase of 23.1%.
- Gross fee income from wealth management increased during the review period to EUR 22.5 million (EUR 18.8 million), a growth of 19.7% from the comparison period. Gross fee income from capital markets services amounted to EUR 1.1 million (EUR 1.8 million), decreasing by 40.8%.
- Assets under management decreased to EUR 4,626 million (EUR 4,800 million on 31 December 2021), decreasing by 3.6%.
- In the challenging market environment, United Bankers’ funds received positive net subscriptions in the amount of EUR 71.3 million.
- Despite the poor performance of the investment market, the wealth management business segment continued to evolve positively. Particularly the favourable return performance of forest and real estate funds, as well as the continued strong demand for same supported the growth of the fee income generated by the funds.
- The EBITDA of wealth management segment for the review period grew to EUR 9.4 million (EUR 6.9 million 1–6/2021), an increase of 36.4%.
- The result of the Group’s capital markets services segment decreased from the comparison period, with economic uncertainty hampering the activity level in the market.
- The cost-to-income ratio improved from the comparison period to 0.67 (0.69).
- Guidance for 2022: Albeit market outlook remains uncertain for the end of the year, the company reiterates its guidance concerning the operating profit announced in its Financial Statements Release on 18 February 2022. Supported by positive development at the beginning of the year the company estimates that its operating profit for 2022 will remain close to the level of 2021.
The above is an excerpt of: United Bankers Plc – STOCK EXCHANGE RELEASE 26 August 2022 at 09:00 EEST