Omni Bridgeway Limited (ASX: OBL) (Omni Bridgeway, OBL, Group) has today released its results for the 12 months ended 30 June 2023 (FY23, Year).
Managing Director and Chief Executive Officer, Andrew Saker, said “I am pleased to announce notable achievements during FY23 and report on a strong finish to the year, underpinned by gathering market momentum and the effectiveness of our diversified funds management strategy.”
The Group reported a substantial ~200% turnaround in the second half compared to the first half and is backed by a strong capital position of over $360 million in cash and receivables,” added Mr Saker.
Key highlights of FY23:
- Increased potential future income by achieving a record level of commitments amounting to $544.2m up 17%.
- The estimated portfolio value (EPV) grew by 12% to reach $30.5 billion, after completions, removal of impaired investments now completed, and disposals, and achieved a 34% CAGR (four years to 30 June 2023).
- Grew implied embedded value (IEV) by 9% to $3.9 billion, with $1.0 billion provisionally attributable to OBL, excluding estimated management fees and potential performance fees.
- Delivered a strong second half result with 203% NPAT turnaround of $61.1m from the first half, reflecting improved income, lower expenses and signalling momentum heading into FY24.
- We have delivered total gross income and revenue to a record level of $330.0 million, up 51% on last year, derived from diversified sources comprising both completions of investments and secondary market sales.
- Increased litigation proceeds by 30% to $283.4m comprising $235.7m investment completions and $47.7m cash proceeds from the sale of a participation in Fund 1 assets.
- Achieved 9% cost savings in 2H23 reflecting non-recurring items and initial savings from expense optimisation with a continued focus on cost efficiencies into FY24.
- Upsizing of Funds 4 and 5 are progressing well with ~US$400m to US$600m first close from existing investors expected in 1H24, followed by a potential second close with new investors.
- Build out of platform is now substantially complete readying our business for anticipated future growth.
- Achieved geographic expansion in the northern hemisphere with new locations in the United States, France and Italy, maintaining both our competitive advantage and industry leadership.
- Made executive leadership appointments including a Global Chief Financial Officer, a Co-Chief Investment Officer of EMEA and a Global Head of People and Culture.
The remainder of the FY23 Results Summary can be accessed here.
