Financial planning drives Prime’s profit
Strong organic revenue growth in financial planning and accounting services has helped Prime Financial Group to a 132 per cent increase in net profit for the first half of this year.
Financial planning services contributed 71 per cent to the first-half profit total of $3.11 million, up from $1.34 million in the corresponding half last year.
Earnings before interest and tax rose to $4.34 million for the half year, a 32 per cent increase on the 2007 first half ($1.09 million), while earnings per share increased from 1.56 cents per share to 2.28 cents per share, a 46 per cent increase.
The declared interim dividend of 1.4 cents per share fully franked for the first half of this year is a 180 per cent increase on the 2007 first half dividend of 0.5 cents per share.
Simon Madden, managing director and chief executive, said Prime is “well positioned to achieve the analyst’s forecast earnings range of $7.0 million to $7.6 million for the full year this year”.
He said the first half results reflect the “ongoing performance” of Prime Financial Group since its merger in November 2006, when Victorian-based wealth management provider AVFM Limited acquired planning groups Prime Financial Group and Lateral Thinking Financial Planning.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford break down some of the legislation that passed during the government’s last-minute guillotine motion, including the measures to restructure the Reserve Bank into a two-board system.
