Clime NPAT rises 473% in FY21

Clime Investment Management net profit after tax (NPAT) has risen 473% year-on-year to $2.2 million, as the acquisition of Madison has created “steady growth” in advice referrals.

In the company’s FY21 results, released to the Australian Securities Exchange (ASX), the firm said revenue was up 32% to $15.7 million and profits (before amoritisation and tax) increased by 280% to $3.8 million.

Funds under management and advice (FUMA) increased by 11% in FY21 to $5.1 billion.

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The company said it would pay a fully franked final dividend of 1.5 cents which was up 50% on the previous year.

The firm also highlighted its advice capability thanks to the acquisition of Madison and said its private wealth division would be restructured to sit under Madison’s Australian financial services licence (AFSL). This would enable the private wealth segment of Clime to leverage Madison’s advice technology ecosystem and greater client engagement.

It said it had seen “steady growth” in advice referrals and was attracting advisers seeking a collaborative environment.

Chief executive, Annick Donat, said: “Clime Group remains focused on continuing its growth trajectory by delivering quality returns and building fund inflows, underpinned by a strong balance sheet comprising cash and liquid investments worth more than $10 million.

“We are starting to see steady growth in the number of new referrals, attracting advisers who are seeking a collaborative community which provides access to professional investment expertise, ongoing education, underpinned by a culture of ‘client first’.

“Our advisers have seen increased demand for advice from consumers, and with the combined advice and investment capabilities offered by our team, the business has seen a steady increase of average revenue per practice.”

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