Folkestone, which has reported an increase of 146.1 per cent in a statutory net profit after tax to $13.4 million, has said strong results were helped by positive contributions from both funds management platform through growth in funds under management (FUM) and the launch of two new funds.
However, its statutory earnings per share stood at 9.1 cents compared to 3.7 cents for FY16.
Folkestone’s funds management division, a specialist real estate funds manager for private clients and select institutional investors, increased its FUM from $1.1 billion to $1.3 billion, with total funds management revenue at $17 million, up 7.3 per cent on FY16.
The board confirmed a final ordinary dividend in respect of the year ended 30 June of 2.75 cents per share fully franked at the rate of 30 per cent.
Also, the company confirmed its current intention to pay a fully franked dividend of three cents per share in respect of FY18, an increase of 9.1 per cent on the FY17 ordinary dividend of 2.75 cents per share assuming no material change in market conditions.
Folkestone’s managing director, Greg Paramor, said: “The strong result for FY17 reflects positive contributions from both our funds management platform through growth in FUM and the launch of two new funds, together with profits and fees our on-balance sheet development activities.
