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Half-year report 2024
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shareholder letter 

Bellevue Group reports net profit of CHF 7.4 mn

Stabilization of assets under management thanks to modest market rebound
Bellevue had a modest upturn in the healthcare sector and stabilized client assets under management at CHF 6.7 bn. Despite the reduction in average assets under management compared to the prior-year period of 21%, operating profit declined by only 12% to CHF 36.4 mn thanks to significantly higher financial income. Operating expenses fell by 11% to CHF 25.6 mn thanks in part to the proven entrepreneurial compensation model. Executive management of Bellevue Group was further strengthened through the recruitment of Fabian Stäbler as Chief Operating Officer.

Thanks to our distinctive positioning and tangible growth drivers, we are in a position to generate sustained added value over the long term.

André Rüegg

Chief Executive Officer

Key figures

Client assets

(in CHF bn)

6.7

6.9
31.12.2023
6.7
H1 2024

Operating Income

(in CHF mn)

36.4

41.3
H1 2023
36.4
H1 2024

Operating Profit (EBTDA)1)

(in CHF mn)

10.8

12.3
H1 2023
10.8
H1 2024
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Group net profit

(in CHF mn)

7.4

8.0
H1 2023
7.4
H1 2024

Cost/Income ratio (CIR)

(in %)

70.4

70.1
H1 2023
70.4
H1 2024

Return on equity2)

(in %)

13.7

14.8
H1 2023
13.7
H1 2024
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1) Earnings before taxes, depreciation and amortization

2) Based on reported net profit and average equity for the preceding 6-month period after distribution of the respective dividends

Source: Bellevue Group, as at June 30, 2024

Developments
Market environment
  • Market rally in the USA and in the healthcare sector still driven by a few «mega caps»
  • Relative performance of the healthcare sector significantly improved compared to the overall market
  • First interest rate cuts in Switzerland and Eurozone – Expected US interest rate cuts increase recovery potential of small & mid cap healthcare stocks in H2/2024
Developments
Financial figures
  • Stabilization of the AuM base at CHF 6.7 bn (~3% lower than at the end of 2023)
  • Income from asset management services of CHF 35.1 mn (–19.0%*) due to lower average client assets under management
  • Operating income of CHF 36.4 mn (–11.7%*) benefiting from improved financial result
  • Lower operating expenses of CHF 25.6 mn (–11.3%*) thanks to remuneration model/cost focus
  • Net profit of CHF 7.2 mn (–7.4%*)
  • Continued strong equity-financed and debt-free balance sheet as a foundation

* Compared to the same period of the previous year H1/2023

Developments
Outlook 2024
  • Fundamentally more constructive environment expected for small & mid cap equities
  • Priorities for 2024 remain in focus with good progress halfway through the year
    - Product and investment performance
    - Clients, distribution and marketing
    - Governance and platform

Investor presentation

The 2024 half-year results in brief: Overview, capital market environment, business results and business update and outlook.

Get the detailed figures