Hennessy Advisors, Inc. reported its financial results for the fiscal year ended September 30, 2024, on December 11, 2024. The company announced a 46.0% increase in diluted earnings per share, reaching $0.92, up from $0.63 in fiscal year 2023. Total revenue for the year grew by 23.4% to $29,646,194, compared to $24,019,874 in the prior fiscal year.
Net income saw a substantial increase of 48.8%, rising to $7,096,701 from $4,770,888 in fiscal year 2023. Average assets under management (AUM) increased by 23.2% to $3.69 billion, while total AUM as of September 30, 2024, stood at $4.64 billion, a 53.1% increase from $3.03 billion a year prior.
The company's growth was attributed to several factors, including the purchase of assets related to the management of $72 million in mutual funds, $549 million in net new assets under management, and nearly $1 billion in market appreciation. Cash and cash equivalents, net of gross debt balance, increased by 17.0% to $23,671,594.
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