Allco posts $93.2 million profit
The Allco Finance Group has posted a half-year net profit for the period ended December 31, 2006, of $93.2 million, up from the $46.4 million achieved by Record Investments as a standalone entity for the previous year’s corresponding period.
Net revenue for the group came in at $191.8 million, with strong contributions from the organisation’s wealth management arms.
Of the total net revenue, Allco’s Specialised Funds Management division accounted for $77.2 million, while the entity’s Wholesale Financial Services area generated revenue of $8.9 million.
The strength of performance exhibited by these two business arms led to the group experiencing an increase in assets under management of 36 per cent, finishing the half-year at a level of $6 billion.
Furthermore, Allco’s financial assets under management rose by 30 per cent and now sits at $4.8 billion.
The half yearly results mean the group is now forecasting a full year net profit of $142.7 million.
“Today’s result reflect a positive six months for Allco and, more importantly, it demonstrates the benefits for shareholders of merging Allco and Record to create a fully integrated global financial services business with a strong capital base,” Allco executive chair David Coe said.
“We are very pleased with the progress made in developing a platform to drive sustainable earnings growth while delivering on our earnings and dividend targets articulated at the time of the merger,” he added.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.
