Fund manager MFS has announced a second successive record full-year result almost doubling its net profit after tax.
MFS recorded $185 million in the 12 months to June 30, compared to $97.4 million in the previous year.
Nine acquisitions have helped build MFS's net assets to more than $1.53 billion from less than $350 million one year ago.
MFS chief executive Michael King said the result was fuelled by growth in funds under management and expansion of the tourism business.
Assets under management [AUM] have increased to $5.26 billion at June 30 2007, compared to $2.9 billion at June 30 2006.
The company aims to reach at least $10 billion of fee-paying AUM by June 30 2008, according to MFS Australian Funds Management chief executive Craig White.
"We view the recent tightening in lending criteria and borrowing cost increases as an opportunity, not a threat," White said.
"The fact that none of our managed funds is leveraged beyond normal traditional prudent real estate lending rations will prove a substantial risk mitigant in the next 12 months."
Major acquisitions were S8 Limited, Protea Hotels of Africa, Tourism, Hotels & Leisure, Outrigger, Sunleisure, SunKids, Northplan Group, MFS New Zealand and Saville Hotels Group.
MFS yesterday declared a final dividend of 20.5 cents per share.
