Treasury Group profit up more than threefold
The Treasury Grouphas cruised through the tumultuous 2002/03 financial year, reporting profits almost 350 per cent higher than the previous corresponding period.
Across the group net profit after tax and outside equity interests was $1.12 million for the 12 months ending 30 June 2003, up from last year’s profit of $259,146.
Treasury Group chairman Lee laFrate says the group will show no signs of slowing down, with the success expected to continue in the year ahead on the back of increased funds under management already in place and anticipated to occur.
“In addition to organic growth within our four operating fund manager partnerships we will continue to expand Treasury Group selectively and strategically,” laFrate says.
Investors will see a fully franked dividend of three cents per ordinary share, compared with last year’s dividend of one cent per share.
Over the 12 month period, funds under management across the group also grew considerably, from $927 million to $2.38 billion.
Investors Mutualplayed an important role in this result, increasing its funds under management from $900 million at the end of the 2002 to $2.3 billion at the same date this year.
The growth has been reported as consistent across both retail-sourced and institutional funds, with the business mix remaining at around one third institutional and two thirds retail sourced.
However the groups says despite the strong growth in funds under management this year, Investors Mutual remains conscious of growth management.
The group also emphasised the set-up ofOrion Asset Management, in partnership with Tim Ryan, as a success, with its first institutional client secured in February and the track record to date “exceeding both the market benchmark and mandate objectives”.
The group says Orion has fared well in the research processes undertaken so far, with a second institutional mandate of $50 million funded in July. The business, which will focus on the smaller companies sector of the Australian sharemarket, will become operational this month.
Armytage has also increased funds under management a further 40 per cent to almost $50 million.
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