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
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