AUS
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UK
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Highlights:
- AUB Group has provided that split of Underlying Net Profit After Tax (UNPAT) guidance between the first and second half of the financial year 2023.
- While sharing the annual general meeting update, the company had upgraded UNPAT guidance for FY23.
- AUB Group shares were spotted trading 2.19% lower at AU$22.52 per share at 11:30 AM AEDT.
Australian insurance company AUB Group Limited (ASX:AUB) on Monday (12 December 2022) shared the split of Underlying Net Profit After Tax (UNPAT) guidance between the first and second half of the financial year 2023 (FY23). The release is followed by the wide disparity in analysts regarding the split of UNPAT guidance in 1H23 and 2H23.
The shares of AUB were spotted trading 2.19% lower at AU$22.52 apiece at 11:30 AM AEDT with a market capitalisation of AU$2.33 billion. In the past one year, the share price has dropped by 2.99%, and on a year-to-date basis, it has tumbled by 12.42%. In the last six months, the prices have increased by 33.21% and 2.57% in a month.
Meanwhile, the benchmark index, ASX 200 financials (INDEXASX:XFJ) was down 0.033% to 6,393.50 points. ASX 200 lost 0.51% to 7.176.20 points around the same time.
Guidance for 1H23
The group of wholesale and retail insurance brokers said it expects UNPAT for 1H23 in the range of AU$41.5 million to AU$44.5 million. It reflects a 35.5% to 45.3% growth over the previous year.
Tysers is anticipated to be in the range of AU$11 million to AU$12 million for the three months to 31 December 2022, since acquisition.
The company expects an underlying EPS of 42.9 cents per share to 46.0 cents per share, representing a growth of 4.1% to 11.7% over the prior year.
Guidance for 2H23
For 2H23, the company expects UNPAT of AU$66 million to AU$70.5 million. The expected growth in UNPAT, excluding Tysers and cost of debt, is 13.8% to 18.4% over the previous year.
The expected range of Tysers UNPAT is AU$34 million to AU$40.5 million.
AUB expects underlying EPS of 65 cents per share to 69.4 cents per share in 2H23. It represents an increase of 17.9% to 26.0% over the previous year.
How did AUB perform in FY22?
- The company has been reporting continuous growth in its underlying revenue for the past three years. In FY22, the company posted a 12.2% surge in underlying revenue with a CAGR of 12% since FY19.
- During the year, the underlying EBIT margin grew by 240bps, driven by strategic initiatives.
- Growth in revenue in margin lead to 22.2% growth in underlying NPAT.
- Underlying EPS grew by 21.1% during the year. The dividend per share was flat.
