Jarden turns a profit after logging $71m in revenue

afr.com:

Jarden logged $71 million in firm-wide revenue for its first quarter ended June 30, a sharp turnaround from March when expenses weighed on the New Zealand-headquartered firm.

The result marked the first time Jarden’s Australian business and group-wide operations both turned a profit, after earnings before interest, tax, depreciation, amortisation and bonuses hit $8.5 million for the quarter, an internal memo, seen by The Australian Financial Review, showed.

Jarden Australia’s co-chief executive, Sarah Rennie, is optimistic of a bounceback in investment banking fortunes for the second half of the year. Janie Barrett

At its annual meeting on Wednesday, Jarden disclosed it had $153 million on its balance sheet, with $90 million worth of liquid assets and undrawn credit facilities. Its Australian investment banking arm was “on budget” and had a “strong pipeline” of transactions in banking and capital markets, the memo showed. Jarden pointed to its work with Nasdaq-listed gaming business Light & Wonder and the Mirvac Group’s rental venture as highlights of the quarter. The bank was also a financial adviser on Brookfield Asset Management and EIG’s $18.2 billion takeover proposal for Origin Energy, which is yet to receive regulatory approval.

In wealth management, Jarden logged $10.8 billion in funds under management for its advisory business and its Harbour Asset Management arm recorded $7.6 billion in managed funds for the first quarter.

Earlier this week, Jarden topped up its partnership with Japanese investment bank Nomura for two more years. The tie-up, originally signed in May 2021, gives Jarden access to Nomura’s large balance sheet and a means to win larger transactions that may require significant capital allocations.