In person this morning, as well as representatives from our auditors, EY, and from our legal advisors, HFW Australia. I'd also like to welcome representatives of Computershare, who will be counting votes on resolutions to be considered this morning. Under the Company's Constitution, a quorum meeting of the members is three. I have been advised that a quorum is present and therefore declare the meeting open. The agenda for the meeting is as follows. I will start with my address, followed by a presentation on the business and the results of the 2024 financial year. I'll also provide an update for the current financial year. We will then allow time for questions. In order to ask a question, for those of you who are present in your assigned offices, please raise your hand.
And for those attending remotely, please use the raise your hand function on Zoom or type your question into the Q&A at the bottom of the screen, and we will address it. The formal business of the meeting will then be conducted, which will include the adoption of the 2024 financial statements. As this is a hybrid meeting with online voting, we will open the poll now to allow everyone time to access the Computershare meeting platform website. The resolutions will be highlighted after the results presentation and general questions. We will now open the polls for the resolutions numbered: one, adoption of the remuneration report; two, the election of Miss Andrea Slingsby as a director of the company; three, the re-election of Mr.
Matt Murphy as a director of the company. Four, the approval of the issue of Performance Rights under the Performance Rights Plan to myself. Five, the approval of the issue of Performance Rights under the Performance Rights Plan to Mr. Tim Bennett. Six, the ratification of prior issue of fully paid ordinary shares for acquisition of Altor Capital Pty Ltd. Seven, the ratification of prior issue of fully paid ordinary shares for the acquisition of Equity Plan Management Pty Ltd and the associated business conducted by Remuneration Strategies Pty Ltd. Eight, the refresh of the Performance Rights Plan. And finally, nine, the replacement of our constitution. The poll will be open from now until the close of the meeting. I will therefore now go through the procedures for completing your voting online. Step one, visit the website now on screen from your desktop or mobile device.
Step two, to register as a shareholder, select Shareholder and enter your SRN or HIN and select your country. If Australia, also enter your postcode. Step three, to vote, select your voting direction. A tick will appear to confirm receipt of your vote. For shareholders, proxies, and appointed corporate representatives here in person, you will have received a voting card on arrival from Computershare. If you haven't received a voting card and believe you are entitled to vote, please see Computershare at the registration desk. Resolutions will be put to the meeting shortly for shareholders to cast their vote. Proxies have been received and summarized by our registry managers, Computershare. I do not propose to read out the proxies and propose the summary be taken as read. A notice of meeting dated 30 October 2024 was sent to members.
The notice includes an explanatory statement covering the proposed resolutions. So now, in terms of a little bit of an overview, in terms of the key message for this year's annual address covering the 2024 financial year, the real message is around another strong growth year. We delivered on our financial guidance, and we continue to build scale in the business. Prime's track record of delivering underlying EBITDA for members and shareholders and growing that has extended now to a sixth consecutive year since repositioning our firm as one connected advice, capital, and asset management group. We've been on a journey building Prime into a leading player in the business and wealth segments, two segments of the market that we believe offer substantial growth tailwinds and are often connected through founder-led businesses and a space that Prime has a deep experience in.
Our focus is on emerging businesses, founders, and high-net-worth investors. Importantly, we very much remain on track to achieve our goal of delivering revenue growth of 15%-20% plus in FY25 to AUD 50 million and then doubling revenue again to AUD 100 million within three to five years, all the while leveraging the benefits of our increasing scale. A key pillar of Prime's growth strategy is to pursue earnings per share accretive acquisitions that add new capabilities, scale, and clients. In FY24, we were delighted to complete two material acquisitions. In February of 2024, we acquired Altor Capital in our wealth segment. Altor is an alternative asset management business across private equity, and that added new capabilities and a track record in alternative asset management, growth funding solutions, and additional distribution for property and equity debt capital advisory transactions.
In June of 2024, we also announced the acquisition of Equity Plan Management in the business segment. This further expanded our capability by adding employee share plan structuring, management, and services, as well as bringing additional clients to the group to service while also increasing earnings. To fund Prime's growth initiatives, the group successfully completed a fully underwritten, non-renounceable entitlement offer, raising AUD 3.3 million in late 2024 and early FY25. Furthermore, Prime has signed a new facility agreement this week with Westpac for up to AUD 41.4 million to fund acquisitions and working capital, which Prime will prudently use. Prime has a track record of finding attractive businesses and successfully integrating them into the Prime One Connected services and team model.
We will continue to pursue EPS accretive acquisitions that add new clients' capabilities and scale to the business, with one such possibility including the non-binding indicative offer that has been signed for a wealth and funds management business, which we will continue to provide updates on as it progresses, but continues to progress positively. Looking ahead, our focus doesn't change. We have commenced FY25 with significant momentum after a strong H2 FY24, which will be further assisted by full-year contributions from both Altor and EPM. The business environment is not without risk. Risk will continue to emerge, but we are confident that our culture, financial strength, and operating model, supported by increasing levels of recurring revenue, positions us well.
As a group, we continue to aspire, innovate, and grow in impact whilst focusing on our purpose of providing our clients with a personalized service to realize their goals and aspirations and our ambition to be the leading integrated advice, capital, and asset management group of the future. I'd like to thank my fellow board members, the management team, and all Prime team members for their hard work and commitment in another successful year for the group. Our vision is not possible without the support of our shareholders, partners, and our broader network, and I thank you for continuing to support our business, so let's go and move to the PowerPoint presentation now, which will just cover off a little bit more detail about FY24, so if we just go to the first slide, please.
As most of you would be aware, our focus absolutely is around advice, capital, and asset management, but the team does continue to grow. We've now got almost 200 team members and an increasingly global footprint and a very strong focus on supporting those emerging businesses, founders, and high-net-worth investors. We are very focused on trying to find better ways to connect all of what we do with their individual and business aspirations. We do have four key service lines, which I'll touch on in the next slide. So within the business segment, that's made up of two key areas that we focus on. One is accounting and business advisory, and the other one is capital and corporate finance. So very much trying to connect their services, advice, and access to capital and advice on how to go about growing the business for our clients.
That's about 54% of our group revenue and a significant number of team members. Within the wealth segment, which is where the business started about 25, 26 years ago, we have wealth management, which incorporates not just what we do from a wealth management advice perspective, but also what we do within the alternative asset management space as well, and also property. We have SMSF as part of that group operations, and that's advice, administration, and that's not just for our clients, but also for third-party distribution, which often includes accountant and financial advisors. This overall service stack is supported by a centralized and shared services structure across finance, IT, HR, marketing, and operations. It's this team that we utilize to grow the whole of our business.
We operate as one connected team and service stack, and by leveraging that structure, it allows us to more efficiently integrate acquisitions, which we then seek to grow. Next slide, please. This is, I think, a good way to think about how we try to surround our clients with all of the services that they need in both the business and the wealth segment. We'll continue to build out the capabilities of what we can do here, and quite often there's a bridge between that business segment and that wealth segment. Our ideal clients often own a business. They often have significant funds to invest, and they quite often hold a self-managed super fund as well. So there's a real connection between that business segment and that wealth segment for us, and our goal is that complete solutions for both business and wealth. Next slide, please.
Highlights for the financial results of FY24: revenue up 21%, EBITDA up 18%, a solid EBITDA margin of 25%. We did invest in some new service lines over the course of FY24. We saw EPS at AUD 0.0137. The dividends were up 7%, and debt to underlying EBITDA was 1.1 times, which is very prudent. Next slide, please. I've spoken already a little bit about Altor and EPM, but I guess at a very high level, what we love about that is the fact that we can do more for our existing and new clients around growth funding solutions through Altor Capital, and we are big believers in employee ownership driving the growth in businesses through alignment. We believe that in our own business, with 44% of the company being owned by the team, and so we advocate for that with our clients as well.
We want to share how you can go about doing that to grow your business. But, encouraging to see both the wealth and the business segments up over the last 12 months. Wealth was up 24%, and the business segment was up 19%. Next slide, please. Here, I think probably the key things to call out is 70% of our revenue is recurring in nature. We do have a bull's eye on wanting to continue to grow that as a proportion of our total revenue to 75% and 80%. It just makes your earnings far more predictable. And then, if you're able to look at the bottom of the screen there, you can see that pretty much all of our divisions that make up those two segments had a growth profile for the year but for SMSF, which we expect to see return to growth mode within FY25.
Clearly, our stated goal is to get revenue to 50 million by FY25 and then 100 million by FY28 and 2030. It's a key goal that we think about, but we're obviously very clearly focused on making sure that we do that very profitably. Next slide, please. This is how we think about our business. It is quite straightforward. It's what we talk to our team about in our regular meetings, but we absolutely want to be in a place that the team want to be. We want to develop our culture, our growth, our education, and most importantly, opportunities within a growing business. We want to make sure that we've got a service offering in those two segments that means that we attract more clients than our competitors. If we do more for our clients, they become more sticky. We help them achieve their objectives.
We want to keep on simplifying our business. We do quite a few things within those four divisions, but we want to make sure that we have a simplified, increasingly platform-oriented way to grow our business to drive bottom line. So we have to be simpler about the way we explain what we do, how we do it, and deliver value for our customers. In terms of growing revenue streams, it's a key focus, but as I said, that's got to be paired with making sure that we continue to improve our profitability. Next slide, please.
I won't sort of cover too much here because I've covered a little bit of this in my previous address, but organic growth in our business is quite simply driven by all four divisions seeking to go and get new customers and to get the team members in those four divisions talking to each other such that the clients they look after can consume other services that their teammates are available. It's also about making sure that we're building our brand and make sure that we are a destination location for clients that have aspirational business goals and behind it with investors that want their total portfolio and advice under one roof. Inorganically, we are very selective in terms of what we will look to acquire, and everything that we do acquire has to be integrated deeply into the middle of our business.
Otherwise, you don't get the benefits of the service stack, the completeness of that, and also the ability to cross-sell more services to the customer base. Next slide, please. I've spoken already about team ownership, but this is a very important criteria that we look at for the future. We really want our team, just like many of you here online, to become owners and to have a business owner mentality. We use tools such as this tool to attract ideally the best talent in the marketplace, and it is a competitive marketplace. Not everyone's able to offer what we as a collective firm do in terms of employee ownership, and it's something that we absolutely celebrate and we use to continue to grow our business. It also features in when we undertake acquisitions. We're not typically looking to acquire a business that's looking for a complete succession plan.
We're typically looking for people that want to pair up and build a business together with us and continue to be part owners in a bigger business. Next slide, please. In terms of our outlook for FY25, we are very positive about the trajectory of our business. We're very confident about our ability to continue to execute, and we are looking for strong organic growth in the four key service lines that we've got. We will also get a positive contribution in FY25 from both Altor and EPM, not just at the earnings level and the revenue level, but a larger client base that we can offer more services and products to. We are looking to use our increased scale to drive efficiencies, which then reflect in increased earnings.
And in terms of driving our growth in revenue, earnings, and dividends for FY25, our guidance at this point in time is to increase our revenue by 15%-20% plus, and that also includes increasing our underlying EBITDA by 15%-20% plus in FY25 as well. We also expect to continue to increase dividends this year by between 3%-5% more modestly as we retain more cash for growth, so an encouraging position for our business to be in at this point in time. So in terms of closing here, I would like to thank again our shareholders for their continued support of Prime, and in particular, those shareholders who have joined our meeting today. Hopefully, you feel that our business is heading in the right direction. I'm now going to move to the resolutions.
As I move to these resolutions, members will have the opportunity to ask questions in relation to the resolutions. At this time, I would ask if you have not already voted online, please do so while we request that you ensure you are logged onto the Computershare meeting platform online voting platform, as suggested at the end of the previous presentation. So in terms of the ordinary business of the meeting, number one, financial statements and reports. To receive and consider the Director's Report and Financial Report for the year ended 30 June 2024 and the Auditor's Report on the Financial report and the consolidated financial report. For all resolutions being put to the meeting, Article 37.2 of the company's constitution states that a resolution put to the vote of a meeting is decided on a show of hands unless a poll is demanded.
As Chairman, I have elected that all resolutions will be put to vote as a poll today. Two, adoption of the remuneration report. To consider and if thought fit to pass with or without modification, the following as a non-binding ordinary resolution. That the remuneration report for the year ended 30 June 2024 will be part of the director's report to be adopted by the members. Number three, election of Miss Andrea Slingsby. To consider and if thought fit to pass with or without modification, the following as an ordinary resolution. That Miss Andrea Slingsby, who was appointed as a director on 5 July 2024 and being eligible, offers herself for election, be elected as a director of the company. Number four, re-election of Mr. Matt Murphy. To consider and if thought fit to pass with or without modification, the following as an ordinary resolution. That Mr.
Matt Murphy, a director retiring in accordance with the company's constitution, offers himself for re-election and be re-elected as a director of the company. Number five, approval of issue of Performance Rights to Simon Madder. To consider and if thought fit to pass the following as an ordinary resolution. That for the purposes of ASX Listing Rule 10.14 and for all other purposes, approval be given to issue to Simon Madder as Managing Director and CEO of the company, 1,243,781 Performance Rights under the company's Performance Rights Plan to acquire fully paid ordinary shares in the capital of the company on the terms and conditions set out in the explanatory statement accompanying this notice of meeting. Number six, approval of issue of Performance Rights to Mr. Tim Bennett. To consider and if thought fit to pass the following as an ordinary resolution.
That for the purposes of ASX Listing Rule 10.14 and for all other purposes, approval be given to issue to Mr. Tim Bennett as Executive Director of the company, 497,512 performance rights under the company's performance rights plan to acquire fully paid ordinary shares in the capital of the company on the terms and conditions set out in the explanatory statement accompanying this notice of meeting. Seven, ratification of prior issue of fully paid ordinary shares for acquisition of Altor Capital Pty Ltd. To consider and if thought fit to pass the following as an ordinary resolution.
That for the purposes of ASX Listing Rule 7.4 and for all other purposes, the shareholders ratify the allotment and prior issue of 2,996,560 fully paid ordinary shares issued on 20 February 2024 as part consideration for the acquisition of shares in Altor Capital Pty Ltd under a share purchase agreement and otherwise on the terms and conditions set out in the explanatory statement which accompanies the forms and forms part of this notice of AGM. Eight, ratification of prior issue of fully paid ordinary shares for acquisition of Equity Plan Management Pty Ltd and the associated business conducted by Remuneration Strategies Pty Ltd. To consider and if thought fit to pass the following as an ordinary resolution.
That for the purposes of ASX Listing Rule 7.4 and for all other purposes, the shareholders ratify the allotment and prior issue of 6,567,744 fully paid ordinary shares issued on 18 June 2024 as part of consideration for the acquisition of Equity Plan Management Proprietary Limited and the associated business conducted by Remuneration Strategies Proprietary Limited under a share purchase agreement and otherwise on the terms and conditions set out in the explanatory statement which accompanies and forms part of this notice of AGM. Nine, refresh of performance rights plan. To consider and if thought fit to pass the following as an ordinary resolution.
That for the purposes of ASX Listing Rule 7.2, Exception 13B, and for Sections 200B and 200E of the Corporations Act 2001, and for all other purposes, shareholders approve the performance rights plan and the issue of performance rights under that plan, including the issue of shares upon vesting of those performance rights on the terms and conditions set out in the explanatory statement which accompanies and forms part of this notice of AGM. Replacement of constitution. To consider and if thought fit to pass the following resolution as a special resolution. That for the purposes of Section 136(2) of the Corporations Act 2001, and for all other purposes, approval be given for the company to repeal its existing constitution and adopt a new constitution in its place in the form as signed by the chair of the meeting for identification purposes with effect from close of the meeting.
Having read out the proposed resolutions, I will now open the floor to members to ask questions or make comments in respect of the proposed resolutions or to speak for or against any of the proposed resolutions. Please note that the only persons who may speak and vote at this meeting are members and persons holding proxies for members or properly appointed representatives of members. Please state your name and if you are a proxy or representative of a member, the name of the member you represent. Are there any questions in respect of any of the proposed resolutions or does any member wish to speak for or against proposed resolutions? I propose that voting for each resolution will be by a poll without further discussion or questions on each resolution.
As stated previously, please raise your hand or use the Q&A functionality on Zoom in order to ask a question. Just give it a few more moments. At this point in time, it doesn't appear as though there are any questions. So that concludes the business of the meeting. I will shortly close voting.