Financial planning drives Prime’s profit
Strong organic revenue growth in financial planning and accounting services has helped Prime Financial Group to a 132 per cent increase in net profit for the first half of this year.
Financial planning services contributed 71 per cent to the first-half profit total of $3.11 million, up from $1.34 million in the corresponding half last year.
Earnings before interest and tax rose to $4.34 million for the half year, a 32 per cent increase on the 2007 first half ($1.09 million), while earnings per share increased from 1.56 cents per share to 2.28 cents per share, a 46 per cent increase.
The declared interim dividend of 1.4 cents per share fully franked for the first half of this year is a 180 per cent increase on the 2007 first half dividend of 0.5 cents per share.
Simon Madden, managing director and chief executive, said Prime is “well positioned to achieve the analyst’s forecast earnings range of $7.0 million to $7.6 million for the full year this year”.
He said the first half results reflect the “ongoing performance” of Prime Financial Group since its merger in November 2006, when Victorian-based wealth management provider AVFM Limited acquired planning groups Prime Financial Group and Lateral Thinking Financial Planning.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the Reserve Bank of Australia’s cautious stance in response to persistent inflation, subdued growth prospects, and political shifts affecting the nation’s journey towards net zero emissions.
In this episode of Relative Return, host Laura Dew speaks with Rachel White, head of financial adviser services at Vanguard about how advisers can help Australians to feel confident in retirement.
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina take a look at the Reserve Bank’s unanimous decision to leave rates on hold on Melbourne Cup Day and whether future cuts are still on the cards.
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina break down the spike in inflation numbers and what it means for the possibility of a rate cut as we move into the new year.
