Fiducian posts solid half
Vertically-integrated financial services firm Fiducian Group Limited has reported a strong half resulting in a 23 per cent increase in net underlying profit after tax on the back of a 16 per cent increase in funds under management and administration (FUMA).
The company reported statutory net profit after tax of $3.434 million.
It told the Australian Securities Exchange (ASX) that during the half year, underlying Earnings Before Interest, Tax, Depreciation, Amortisation (EBITDA) and one-off Income from client servicing rearrangement (net of tax) in 2016 increased by 24 per cent to $5.61 million.
It said underling net profit after tax (UNPAT) was $4.01 million, an increase of 23 per cent over the corresponding period of the previous year, representing underlying earnings per share of 12.9 cents for the half year ended 31st December 2016.
The company said its combined Funds under Management, Administration and Advice (FUMAA) had steadily grown by 51 per cent over the past three years to $5.13 billion as at December 2016.
The ASX announcement said Fiducian's so-called "Manage-The-Manager" system of investment continued to attract the majority of retail funds placed with it.
"At 31 December 2016 $1.76 billion (30 June 2016: $1.59 billion) was invested in Fiducian Funds, an increase of around 10 per cent over the last six months," it said."Fiducian Funds have performed consistently in their respective categories as we diversify their assets through a range of underlying fund managers to reduce risk and volatility."
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