Perth, Western Australia: Argonaut, the specialist resources investment banking & stockbroking firm, is pleased to announce an unaudited Attributable Net Profit after Tax of $16.7 million (FY21: $10.3 million) for the year ended 30 June 2022.
This record profit result – achieved in Argonaut’s 20th year of operation – enabled the payment of full-year fully franked dividends of $9.1 million (FY21: $4.6 million).
Argonaut has entered FY23 with a balance sheet reflecting Net Tangible Assets of more than
$28 million, a strong business pipeline and a positive outlook, positioning the firm to pursue further value-adding growth initiatives.
Argonaut’s FY22 Revenue of $50.1 million (FY21: $32.9 million) was particularly pleasing given the strong contributions across ECM, Brokerage, M&A Advisory, merchant banking and principal investing activities. The integration of the PCF Capital business into Argonaut during FY22 has proven highly successful and supported a year-on-year increase of approximately 100% in M&A Advisory Revenue.
Another success for FY22 was the performance of the Argonaut Natural Resources Fund (ANRF), managed by David Franklyn. ANRF delivered an annual return of 44% and was rated by Australian Funds Monitors as the No.1 Alternatives Equities Fund in Australia and the No.2 Best Performing Fund Overall across 700 different funds. ANRF is open for applications from wholesale investors.
Separate from ANRF, Argonaut continues to adopt a traditional merchant banking model of making long-term principal investments that align the firm with the success of investee companies.
Of particular note is Emissions Reductions Australia Limited (Carbonaut), led by Peter Balsarini and supported by Argonaut Chairman Eddie Rigg. Argonaut established Carbonaut in 2021 to support the global push for decarbonisation and net zero by 2050 by becoming a leading developer and provider of Australian Carbon Credit Units (ACCUs) and other environmental credits. Carbonaut has secured its first Human Induced Revegetation (HIR) project, which has in excess of 1 million ACCUs. Further acquisitions in the HIR and associated carbon space such as Blue Carbon are planned in line with Carbonaut’s target to have 8 million ACCUs under contract by the end of CY23.
Consistent with Argonaut’s strategic growth outlook, the firm continues to grow and evolve its leadership team. Argonaut’s operational management is led by Managing Director & Head of Corporate Finance Greg Southee, who is supported by Alison Thompson (CFO and Company Secretary), Chloe Rebeiro (Financial Controller) and Kevin Tyndall (Head of Risk, Compliance and Business Support).
Commenting on the unaudited FY22 results, Argonaut Managing Director & Head of Corporate Finance Greg Southee said:
“The past year’s performance has been exceptional and represents the reward for the strategic growth initiatives such as the merger with PCF Capital.
“Notwithstanding the changes in macro-economic conditions, Argonaut’s disciplined approach to growth, our focus on retaining and recruiting the best people and the firm’s position as a sought-after corporate advisory and broking partner for the natural resources sector provide us with confidence about the current financial year and beyond.”