The listed wealth management firm has also reported solid increases to its net profit and earnings.
In an announcement to the market yesterday, SFG revealed a net profit after tax of $32.5 million for 2012/2013 (up 14 per cent on the previous year) and net operating earnings before interest, taxes, depreciation and amortisation of $48.1 million (up 15 per cent).
SFG also reported net operating revenue of $134.3 million, which was up 14 per cent on the previous year.
Breaking the net operating revenue down, just under half was attributable to financial advice fees, 26 per cent came from portfolio administration fees, and 12 per cent was attributable to insurance and mortgage broking fees.
SFG managing director Tony Fenning said the growth in earnings was the result of synergies from the Shadforth/Snowball merger, improved equity market conditions and acquisitions.
“We invested in the business over the last year on infrastructure and productivity improvements, to ensure we have the foundations in place to facilitate further growth and integrate future acquisitions,” said Mr Fenning.
The recent acquisition of Lachlan Partners has been fully integrated into the group, improving SFG’s self-managed superannuation fund and high net wealth (HNW) tax offering, he said.
Mr Fenning pointed to the convergence between accounting and financial planning work at the HNW end of the advice market in June.
SFG’s funds under advice increased by 16 per cent over the 2012/2013 financial year, to $12.6 billion.
Funds under administration as well as funds within managed portfolios was $10.1 billion, up nine per cent on the last year; and funds under management at SFG was up 15 per cent on last year, to $5 billion.
The company’s board has announced a final dividend of 1.4 cents per share, amounting to a 40 per cent increase on the prior corresponding period.
