Fiducian Portfolio Services has increased its half-year profit by almost 50 percent over the previous corresponding period.
The specialist financial services group reported a net profit of $2.2 million for the half-year to December 31 2006, up 48 per cent compared with $1.5 million for the same period last year. Revenue was 18 per cent higher at $12.48 million.
"Our platform has been the key to our current growth but the fund management side is also growing quite strongly," said Fiducian managing director Indy Singh.
Assets under management in the Fiducian Investment and Fiducian Superannuation services were at $354.8 million and $776.8 million, up from $298.5 million and $692.5 million respectively, as of June 30 2006.
"The platform side was the major component of all our revenue. That's where the fund flows come from and then it filters out to the funds management arm and other parts of the business," Singh said.
Funds under administration rose 14.2 per cent across the group in the half year.
According to Singh, growth was driven by investor confidence, improved market conditions and consistent inflows through its distribution network.
The group declared a fully franked interim dividend of 4.5 cents per share after paying a fully franked final dividend of 4.2 cents per share in the half-year to June 30 2006.
Fiducian provides financial planning & distribution, funds management, portfolio administration and information technology services.
On announcement day January 25 the group's share price remained stable at $3.00 but closed yesterday down 10c to $2.90.
Fiducian's share price has almost doubled in six months and tripled within the last year.
