‘2024 exceeded our most optimistic projections’ – Calamatta Cuschieri Moneybase plc CEOs

2024 has been a landmark year for Calamatta Cuschieri Moneybase plc, according to its two Co-CEOs and Chairman, after it recorded a 79 per cent increase in profit before tax in 2024 up to €4.5 million.

“[The year 2024] exceeded our most optimistic projections, with outperformance across all revenue streams and a strong continuation of the positive momentum from previous years. We achieved 23 per cent year-on-year revenue growth, driven by the successful launch of new products as well as significantly expanding our client base,” co-CEOs Nick Calamatta and Alan Cuschieri said. 

“Alongside delivering strong financial results, we significantly enhanced our market position through a range of strategic initiatives. We enhanced client processes, bolstered IT security features, introduced new product features, and reduced fees. Notably, we transitioned to offering free SEPA transfers, free card top-ups and free trades, delivering greater value to our clients."

In the second quarter of 2024, the company launched a podcast, ‘FinFocus’, which serves as an educational platform, offering insightful discussions on the evolving landscape of the financial world. 

“We remain an active contributor to the development and growth of the local financial services industry. As a member of FIMA and a founding member of PEVCA Malta, we continue to play a key role in shaping the industry. We also continue to actively participate in regulatory consultations, ensuring our insights and expertise support the evolving financial landscape,” the CEOs added.

Investment Services International markets also had another strong year, marking the second consecutive period of robust performance for the company. 

“The easing of monetary policy, marked by interest rate reductions and AI-driven optimism, propelled the stock market throughout the year. However, the journey was far from smooth. Geopolitical disruptions, the U.S. election, and rhetoric from the Trump administration led to market fluctuations, swinging between bold optimism and cautious restraint. Market dynamics, combined with increasing demand from savers seeking returns on their growing liquid assets, led to revenue growth in our advisory segment.”

"As we forge ahead, we remain committed to our core values of integrity, innovation, and excellence,” Charles Borg, Chairman of Calamatta Cuschieri Moneybase plc added.

This robust financial performance, the report continued, underscores the effectiveness of their strategic initiatives and operational efficiencies. A key element of their strategy has been to optimise their balance sheet, ensuring that a well-preparedness for future challenges and opportunities. 

The group registered an EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) of €6.2 million for the year 2024, representing a 50 per cent increase compared to the previous year, with Profit before Tax (PBT) of €4.5m and a Profit after Tax from continued operations of €3.7 million. 

“This impressive growth was driven by strong revenue performance across all core business lines, effective cost containment measures, and the successful restructuring and streamlining of our corporate structure,” the report read.

As a result, Calamatta Cuschieri Moneybase plc achieved an adjusted Profit Before Tax of €4.5 million, marking an increase of €2 million or 79 per cent over the previous year’s result. 

Through a prudent dividend policy, they have gradually increased their net assets, which at the end of 2024 stood at €15.1 million. 

On the debt management front, the group recently announced the partial redemption of their bonds maturing 9 May 2026, unless the board decides to redeem earlier. After the final redemption, it is anticipated that the company will have no long-term liabilities. Cash flow from operating activities reached a record of €5 million  compared to a €1.3 million in 2023. Excess cash generated from operations has been utilised and invested in short term highly liquid investments.

This resulted in net cash used during the year of €0.8 million after accounting for dividends and financing. As a result, their Net Interest-Bearing Debt to Adjusted EBITDA ratio decreased from 0.97x to 0.62x. Their net assets increased by 11.8 per cent to €15.1 million , reflecting their “continuous commitment to financial stability and sustainable growth.”

The directors have also prepared forecasts for 2025 based on several key assumptions.