Wilson HTM results pick up after mid-year
Wilson HTM Investment Group has posted an unaudited net profit before tax of $1.6 million for the four-month period to the end of October, stating its funds management business contributed heavily to the results.
Wilson HTM owns nearly 80 per cent of Pinnacle Investment Management, which in turn owns stakes in six boutique fund managers.
In a statement released to the Australian Stock Exchange, Wilson HTM stated that gains on its principal position in the Wilson HTM Priority Core Fund were also a large contributor to the result, while its company’s securities business was modestly profitable.
The group lifted its available cash and principal investments by more than $6 million to $18.6 million since 30 June this year.
It stated the increases were the result of gains from principal positions, the receipt of performance fees from its Priority Funds and dividend distributions from the boutiques within Pinnacle, as well as stronger fee income during the period.
Wilson HTM acting chief executive Sandy Grant said the group was pleased with the performance of the securities business after it had moderated costs and achieved strong deal flows and higher levels of brokerage. He also stated the securities business remained a challenge and was subject to market conditions.
The announcement comes before Wilson HTM’s annual general meeting due to be held at the end of next week.
AUTHOR
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