Australian Ethical issues upgraded profit forecast
Australian Ethical has upgraded its profit forecast, posting that its underlying profit after tax (UPAT) for the 12 months ending 30 June will be between $6.4 and $6.6 million, representing a mid-point increase of 30 per cent on the 12 months ended 30 June, 2018.
Without the performance fee the range would be between $5.95 and $6.15 million, a midpoint increase over the previous 12 months of 21 per cent, the firm said. This would be at the upper end of the range advised on 17 April.
Australian Ethical said that this earnings guidance was based on unaudited management accounts and was subject to finalisation of the audited statutory accounts and included an after tax performance fee of $0.45 million paid to Australian Ethical in its capacity as the responsible entity of the Australian Ethical Emerging Companies Fund.
AUTHOR
Oksana Patron
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
