SelfWealth (ASX:SWF) shines in quarterly report

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SelfWealth (ASX:SWF) shines in quarterly report

SelfWealth, BTC Markets, cash equivalents, operating income, Heads of Agreement, cryptocurrency assets
Image source: © Leowolfert | Megapixl.com

Highlights

  • In Q2FY22, SelfWealth’s operating revenue increased to AU$5.07 million, up from AU$4.46 million in Q2FY21.
  • The number of trades executed during the quarter was 421,764, down 3% quarter on quarter and up 11% YoY.
  • SelfWealth executes a Heads of Agreement with BTC Markets to provide access to select cryptocurrency assets through the SelfWealth platform.

ASX-listed Australia-based Company engaged in independent online trading platform SelfWealth Ltd (ASX:SWF) released its Q2 FY22 Quarterly Cash Flow, and Activities Report on Monday.

The Company has maintained that its market share growth over the past six months has been confirmed by the independent Investment Trends report for July to December 2021, demonstrating SWF’s strengthened position as the fourth largest wealth creation platform in Australia.

In its quarterly activities report, the Company reported:

  • Increasing Market Share: The Company’s Active traders went up 9.5% quarter on quarter to 117,674, and securities held on HIN grew 17% quarter on quarter to AAU$7.97 billion.
  • SWF signs agreement with crypto exchange: The Company signed a Heads of Agreement with BTC Markets to provide access to select cryptocurrency assets on the SelfWealth platform.
  • Record activity levels in the month of November: In November 2021, SelfWealth recorded the second-highest number of ASX trades in a month and the highest number of unique portfolios trading.
  • Diversifying revenue: Revenue from the US share trading now accounts for over 10% of total SelfWealth revenue, aligning with its strategy to diversify revenues by product and geography.
  • Attracting top industry talent: Key hires in design, user experience and marketing and establishing offshore teams, which builds new capability whilst providing a scalable delivery model.
  • The number of trades executed during the quarter was 421,764, down 3% quarter on quarter, and up 11% YoY.
  • The first Australian retail platform to offer USA early access and Hong Kong international trading launch is on track for this quarter.  

Meanwhile, SWF closed 10.345% lower at AU$0.260 per share on ASX.

Bottom Line:

SelfWealth’ quarterly cash outflow from operating activities was AU$2.4 million for the December quarter, an increase from AU$1.1 million in Q1, driven by the rise in quarterly staff costs to AU$2.6million. At the end of the quarter, cash equivalents were AU$14.9 million. Besides, the Company continues to have no outstanding debt. 

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