Fiducian reports profit in half year results
Listed financial planning and funds management group Fiducian Portfolio Services reported a consolidated after tax profit of $1.85 million in its half year results.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped by 16 per cent to $3.11 million while operating profit before tax after adjusting EBITDA for depreciation and amortisation was $2.79 million, 16 per cent higher than the previous year.
"It is pleasing that organic growth has contributed to 16 per cent increase in EBITDA," managing director Indy Singh said.
Assets under administration in the Fiducian platforms were $1.02 billion, a 9 per cent growth over the last six months. Fiducian said it was a "welcome change" to the falling-to-stable trend of the last five years.
"At each six monthly interval over the past five years, we started from higher funds under administration base and ended the period either stable or lower.
"This time our closing funds under administration are higher in December than they were in July, which should support future earnings growth. We are now looking at acquisitions to build on this momentum," he said.
Investment management system Fiducian Funds totalled $1.1 billion, attracting the majority of retail funds placed with the firm. The firm said its funds are positioned to capture a share market recovery and have been slightly weighted towards growth assets.
Fiducian is currently looking at commercialising its software systems in the broader market. It is also revamping its online reporting interface, Fiducian Online, and making minor changes to its web-based initiative, Fiducian BPO.
The firm said it would pay a total dividend of 4.10 cents per share, after paying 3.60 cents per share for the half-year to 30 June, 2013.
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