Plan B posts solid result
Denys Pearce
Burgeoning financial planning dealer group Plan B has managed to lift profits despite the continuing market volatility, announcing an 11 per cent increase in net profit after tax of $4.81 million for the year ended June 30.
The company said that funds under management, administration or advice had increased by 1.1 per cent to $1.77 billion despite the difficult investment market conditions.
The result prompted directors to award shareholders with a fully franked final dividend of 2.4 cents per share, bringing total dividends for the year to 4.4 cents per share fully franked, which exceeded the level forecast in the company’s initial public offering prospectus.
Commenting on the result, Plan B managing director Denys Pearce said the company’s overall performance had been solid, notwithstanding the difficult economic conditions.
“Despite the challenging equity market conditions, Plan B achieved a positive net inflow of funds to its platforms during each quarter of the 2008 financial year,” he said. “Furthermore, client withdrawals remained at similar levels to the prior year, showing the benefits of a properly educated and disciplined client base.”
AUTHOR
Mike Taylor
Recommended for you
As Insignia Financial formally completes the separation of MLC from NAB, Money Management reflects back on how the acquisition came to be and where Insignia sees MLC going forward.
The Financial Services Council has made multiple recommendations to ASIC regarding exercising its powers around AFSLs to mitigate the risk of failing companies including greater capital requirements.
Advice licensee Centrepoint Alliance has announced a service partnership with self-managed superannuation fund solution provider SuperConcepts.
The Compensation Scheme of Last Resort says it has received over 200 claims for compensation relating to personal financial advice since its inception and detailed the specific recurring issues being raised by claimants.
