Kelly Partners Profit Up 24% Amid US Expansion Growth

21 Aug, 2024

Kelly Partners Profit Up 24% Amid US Expansion Growth

Kelly Partners, a Sydney-based accounting group, has achieved a notable 23.9% increase in statutory net profit after tax (NPAT) for FY24, reaching $13.5 million. Since its ASX listing in mid-2017, the company's market capitalization has surged from $45.3 million to $370 million, driven by its strategic partnership acquisition model. The group has grown significantly without issuing new shares, though it has increased its debt to $45.2 million to finance acquisitions.

In FY24, Kelly Partners added 18 new partners, expanding its total to 96 offices across Australia and the United States. The US operations, launched in early 2023, have seen rapid growth, with annual revenue rising from $1.7 million to at least $15.9 million. This expansion includes new partnerships in California, Texas, Florida, and North Carolina.

The company's revenue for FY24 reached $108.1 million, a 29% increase, and is projected to grow to between $130 million and $150 million in FY25. Kelly Partners plans to further extend its presence in the UK, capitalizing on opportunities within the expat community.

Founder and CEO Brett Kelly highlights the firm’s investment in people, technology, and global infrastructure to support its growth and establish itself as a leading global accounting firm for private business owners.