Macquarie posts solid result
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Macquarie Group appears to be regaining momentum, reporting a 79 per cent increase in net profit after tax for the half year to September to $479 million, albeit that this was down 21 per cent on the prior corresponding period.
The only division within Macquarie Group to report a loss during the period was real estate banking, which reported a loss of $56 million due to losses realised on the sale of investment, however, the banking and financial services group reported an 83 per cent lift in profit to $137 million.
Commenting on the result, Macquarie chief executive Nicholas Moore said it reflected improved market conditions and the diversification and global reach of the Macquarie businesses.
He noted that the group had delivered on its strategy to pursue growth both organically and by acquisition.
“We have made a number of strategic acquisitions and selective hires during this period. Initiatives included the acquisition of US funds manager Delaware Investments, US financial services sector specialist advisory firm Fox-Pitt Kelton Cochran Caronia Waller and, most recently, the Canadian independent investment dealer Blackmont Capital,” Moore said.
Looking over the horizon, Moore pointed to the likelihood of further acquisitions.
“Our strong balance sheet, strong team and market conditions provide opportunities for medium term growth,” he said.
Moore then pointed to ongoing organic growth initiatives and incremental acquisitions.
AUTHOR
Mike Taylor
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