Mirrabooka outperforms previous year
Investment company Mirrabooka Investments has stated that the improving market environment, and therefore bigger dividends provided by companies, contributed to its high performance in the last six months.
Mirrabooka has released its half year report to 31 December 2010, in which the company reports a net profit of $7.6 million in the six months to 31 December 2010 — outperforming the same period from 2009 by $2 million.
Mirrabooka, which specialises in investing in small to medium size businesses listed in Australia and New Zealand, attributes its profit growth to higher dividends provided by companies as a result of the improving market conditions.
“The major increase in income came from the rise in dividends received as companies began to improve the level of dividends paid as operating conditions stabilised and balance sheets were restored,” said Mirrabooka managing director, Ross Barker.
Mirabooka’s half year report demonstrated a number of purchases through over the past six months, including G8 Education, Ridley Corporation and iSelect (which expects to be soon listed).
Barker said the approach the company had taken involved avoiding the speculative parts of the market, “such as smaller resource companies”.
“This doesn’t mean we’re avoiding resource companies altogether, but we tend to invest in those that provide dividends,” Barker added.
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
