WHSP records highest ever full year profit
Regular profit after tax for Washington H. Soul Pattinson and Company (WHSP) has been recorded at $282.0 million for the full year, increasing 59.1 per cent from the previous corresponding period, in the diversified investment house’s highest ever profit return.
WHSP’s net profit on non-regular items was 51.6 million which included a gain on the recognition of Pengana Capital Group as an associate, as well as gains on the sale of long-term equity investments.
Commenting on the group’s success, WHSP managing director, Todd Barlow said their highest ever profit had been driven by higher regular contributions across the portfolio, notably New Hope Corporation Limited, TPG Telecom Limited, and Australian Pharmaceutical Industries limited, which was up 16.8 per cent through organic growth of Priceline pharmacies.
“In addition, the high non-regular profit demonstrates our nimble investment capabilities with investments in Pengana Capital and Hunter Hall International in the past year,” he said.
“Importantly, our diversified portfolio continues to deliver reliable cash returns which enables us to provide increasing fully franked dividends to shareholders.”
WHSP’s increased focus on financials services saw the group up its exposure through the acquisition of shareholdings in Pengana Capital, which manages the Hunter Hall Global Equities Trust fund, as well as in Hunter Hall International after the merger of the operations which saw WHSP become the largest shareholder of Pengana Capital Group (ASX:PCG) with 39.2 per cent.
Despite successes, WHSP chairman Robert Millner said many Australian companies, included those within the group’s portfolio were skating on thin ice.
“WHSP’s portfolio has a number of businesses which are being impacted by regulatory uncertainty and poor policy,” he said.
“Unfortunately, many Australian companies are forced to contend with a difficult regulatory environment which is making our businesses globally uncompetitive.”
WHSP has also continued its outperformance of the ASX All Ordinaries Accumulation Index.
AUTHOR
Hope William-Smith
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