Magellan’s executive chairman Andrew Formica last month admitted its equities pipes-and-plumbing bet FinClear hasn’t broken even. Now, FinClear’s accounts for the 2024 financial year show the full extent of its lacklustre performance.
FinClear posted $47.8 million revenue to June 30. While that’s 13 per cent growth year on year, the business has only just peeked its head above the $46.4 million revenue it rang in for the 2022 financial year. Its top line seems to be flatlining over the past two years.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
