 |
|
|
|
 |
News
|
|
|
 |
Wealth management firms shine
Lorna Thornber
Australian wealth management companies’ strong performance over the financial year ending June 30, 2007, continues, with Australian Wealth Management (AWM), Plan B Financial Services and Aevum all posting healthy results.
Sydney-based Australian Wealth Management’s net profit after tax was up 27 per cent on the previous year’s result to $57.7 million, boosted by record superannuation inflows in June following the ‘better super’ changes.
The strong result also reflected an increase in funds under management to $41.2 billion, funds under supervision to $19.1 billion and the conclusion of the AWM/Select merger.
Perth-based Plan B also performed well, slightly exceeding its profit forecast for the year by posting a result after tax of $4.3 million. Funds under management, administration and advice were up 27 per cent to $1.75 billion.
Meanwhile, Sydney-based retirement living company Aevum’s net profit after tax was up 72 per cent on the previous year’s record $13.4 million to $22.9 million.
Aevum chief executive Simon Owen said the results reflected the company’s substantial increase in the size of its retirement portfolio, following a series of small off-market and bolt-on acquisitions.
“This year’s result was assisted by the significant increase in the size of our operational base as we expanded into the Western Australian and coastal New South Wales markets. In addition, the core drivers of our business, as measured by occupancy rates and sales price growth, continued to firmly trend upwards.”
AWM declared a final dividend of 5.5 cents, fully franked, Plan B delivered 1 cent and Aevum declared 4.5 cents, unfranked.
All three companies forecast continued growth for the 2007-08 financial year.
However, Aevum predicted its operating cash flows, a reported $9.7 million for the 2006-07 financial year, would continue to lag a long way behind earnings due to strong property valuation growth.
29 August 2007
print this article...
|
|
|
Home |
Advertising |
Disclaimer |
Contact Us |
About Us |
Feedback |
Privacy Policy
Copyright © Reed Business Information. All material on this site is subject to copyright. All rights reserved.
No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
|
|
|
|
