- Income Asset Management (ASX:IAM) closes Q1FY24 with assets under management up 42 per cent YoY and $4.7 million in cash
- IAM endured further exposure to bond markets through a partnership with Netwealth, which provides access to more than 120,000 clients, an 81pc-boost YoY
- The company sees up to $5 million in revenue coming in the next quarter, but reports a loss for this quarter – the first after three quarters of positive cash flow
- The second quarter of FY24 will likely see Q1FY24 losses reclaimed
- IAM shares are trading at 12 cents at 10:02 am AEDT
Income Asset Management (ASX:IAM) has reported its quarterly FY24 results with the company having expanded its assets under administration, ending the quarter with $4.7 million in cash.
The company opened up exposure to bond markets across the quarter through a partnership with Netwealth, providing IAM access to 127,000 clients of the latter.
Assets under management climbed 42 per cent Year on Year (YoY) to $3.28 billion with client numbers up 81 per cent YoY.
Loss to be quickly recovered
The company sees up to $5 million in revenue coming in the next quarter, but, reported a loss for the quarter – the first after three quarters of positive cash flow.
Regardless, IAM expects to end the financial year profitably when considering earnings before interest and tax.
“We have invested into developing an exciting innovation for the Australian debt markets and hiring seven new experienced sales executives across the country,” IAM CEO Jon Lecthe said.
“We also invested in establishing our own High Yield Fund and, importantly, into an exciting development for the Australian fixed income markets, Exchange Traded Bonds (ETBs).
“[This] will enable retail investors to participate in better high-quality investments than they have been able to access in the past,” he added.
The second quarter of FY24, the company notes, will likely see Q1FY24 losses reclaimed.
IAM shares were trading at 12 cents at 10:01 am AEDT.