Plan B registered a 27 per cent increase in funds under management, administration or advice (FUMA) in the company's first annual report as a listed entity.
The group, which underwent a July 12 listing on the Australian Securities Exchange, saw FUMA rise to $1.75 billion at June 30.
The boutique wealth management group announced a $4.33 million net profit after tax (NPAT) for the year ended June 30, a rise of 3.8 per cent over the previous corresponding period and in line with the company prospectus forecast of $4.2 million.
Group revenue grew 24.3 per cent to $33.1 million, against a forecast of $32.6 million.
According to Plan B managing director Denys Pearce, the large growth in FUMA, compared to a relatively small gain in NPAT, reflected the last minute rush into superannuation before June 30 rather than a squeezing of the groups margins.
"No-one can predict the future course of world investment markets with certainty, but we feel that the benefits of soundly diversified client portfolios and an emphasis on credit risk awareness within our fixed interest portfolio, together with the investments we have made in future growth initiatives, position us very well to meet our 2008 targets," Pearce said.
Plan B, which has 50 advisers, still plans to use its listing and $30 million initial public offering to acquire independent advice practices in the eastern states and forge wholesale supplier or white label deals with advice firms.
"We are targeting the North Island of New Zealand as one of our next focuses to grow the business after the white labelling agreement with the South Island's Polson Higgs Wealth Management," Pearce said.
"We are also still looking to have at least one business partner in each of the Eastern states and are looking to acquire one practice also."
Four eastern seaboard practices and three West Australian practices and a New Zealand group are participating in pilot white label deals.
The group had made two acquisitions in New Zealand in the past 12 months.
Plan B has declared a final dividend of 1 cent per share in respect of the last quarter of 2007, in line with the prospectus forecast.
