Plan B lifts FUM, confirms profit
Publicly listed financial services group Plan B recorded a solid lift in funds under management, administration or advice (FUMA) for the year ended 30 June despite a substantial decline from levels achieved in the March quarter.
At the same time, the company said it expected to report a net profit after tax in the range of around $3.9 million to $4.1 million, which would represent an increase of between 36 per cent and 43 per cent over the previous year.
It said that when the one-off costs associated with a management restructure were taken into account, the company expected to report a net profit after tax in the range of $3.2 million to $3.4 million, consistent with earlier guidance.
The company told the Australian Securities Exchange that FUMA stood at $2.05 billion, which represented an overall increase of 11.7 per cent when compared with the position at the end of June 2009.
However, the group noted that this was down by 6.7 per cent on levels recorded in the March quarter.
It said that the amount held on Plan B’s platforms as at 30 June stood at $1.59 billion, representing 77.7 per cent of total FUMA — a 15.3 per cent increase over the previous 12-month period.
At the same time as confirming its profit expectations, Plan B confirmed that it would be taking full control of its 86 per cent-held subsidiary, Strategic Financial Management, by exercising its option to acquire the outstanding 14 per cent this month.
AUTHOR
Mike Taylor
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.
