- Income Asset Management (ASX:IAM) posts its quarterly result for the December 2023 quarter
- The company has seen revenue climb 87 per cent QoQ
- Client growth is also up 71 per cent YoY
- The company hinted at new business partnerships to be revealed next month
- Shares last traded at 7.6 cents
Income Asset Management (ASX:IAM) roared back after a sluggish first quarter of FY24, boasting an 87 per cent jump in revenue for the December quarter.
The company hinted at exciting new partnerships on the horizon, with details promised in its February half-year report alongside “commentary on business conditions.”
Meanwhile, total assets within IAM’s client ecosystem now reflect $3.5 billion with revenue at $3.7 million for the quarter, putting cash at $7.4 million.
Netwealth deal delivers
IAM continues to serve 1740 clients across Australia, with its fixed-income offerings proving popular among advisors partnering with ASX-listed Netwealth (ASX:NWL).
“Seven experienced sales executives from a competitor will be starting with us soon,” IAM wrote, framing this as evidence of a strategy to “pivot costs towards revenue”.
NWL demand is so strong, that “these hires are needed”, IAM wrote.
Client growth at record
Client acquisition soared to record levels in the December quarter, reflecting a remarkable 71 per cent year-over-year increase.
IAM’s debt capital markets (DCM) division remains strong, the company reported, as trading remains high through the holiday period.
The company pointed towards a pipeline of DCM work which it says “remains buoyant”.
IAM shares last traded at 7.6 cents.