WA broking independent Argonaut wins bragging rights over rival Euroz Hartleys after profit jump

Perth broker and corporate adviser Argonaut is standing by its independence after winning bragging rights over its major rival with a hefty profit jump. The privately-owned group has disclosed a record $15.5 million net profit for the 2025 financial year on a 93 per cent leap in revenue to $64.7m, bettering ASX-listed Euroz Hartley’s $10.3m of earnings from $98.7m of revenue. The result largely reflected a 41 per cent increase in corporate fees to $41.3m as Argonaut’s dealmakers helped raise $1.7 billion for mainly mid-tier junior resources companies, particularly gold producers, in WA. Stripping out the annual movement in the value of its stock holdings, operating revenue from its core brokerage, dealmaking and funds management business was 50 per cent better at $57.5m. Founder and executive chair Eddie Rigg said the group was off to another strong start for the new financial year, running ahead of budget and the same time in 2024. Argonaut has already booked $22m of revenue so far off the back of $730m of deals, including raisings last month for Liontown Resources ($316m), WA1 Resources ($100m) and Core Lithium ($50m). “Last year, gold drove our profits. This financial year, our profits are being driven by lithium, copper and niobium,” Mr Mr Rigg said. The profit supported the payment of an increased $10.3m in dividends to its staff owners, who are led by Mr Rigg and executive director Kevin Johnson, but include vice chair Liam Twigger, chief executive Greg Southee and head of research Hayden Bairstow. Argonaut said it continued to value its independence, dismissing the prospect of following other Australian brokers and corporate advisers into a buyout by an offshore firm. Euroz Hartleys confirmed last month it was in talks with undisclosed parties amid speculation Bank of Montreal was interested in buying a strategic stake in the Perth-based company. Perth’s other major broker, Patersons Securities, was bought by Canada’s Canaccord Genuity six years ago. Mr Rigg admitted “people have been talking to us”, but he said Argonaut’s management preferred to keep building the business on their own rather than accept a buyout. He cited the example of Macquarie Group which rose to prominence by doing innovative deals, attracting repeat business with clients. “We are very interested in doing things, but we want to become a go-to firm as against being taken over and becoming part of a very big organisation,” Mr Rigg said. He also said the senior staff who had joined Argonaut in recent years “because we are independent” did not want to return to the ownership of a major group.