Aug 29, 2016 | Prime announcements

Prime (PFG): 2016 Full Year Results

2016 Full Year Results Summary

Financial Key Points:

  • Profit Before Income Tax up 5% to $3.94M compared to FY2015 of $3.76M (excluding impairment)
  • Profit After Income Tax up 20% to $3.23M compared to FY2015 of $2.70M (excluding impairment)
  • Earnings Per Share (EPS) 2.22 CPS up 19% compared to FY2015 of 1.86 CPS (excluding impairment)
  • Final Dividend of 0.40 CPS

Key Developments

Corporate Development

  • Established or agreed to establish two new wealth JV’s with Accounting Firms
  • Increase in investment in Accounting & Advisory Firm MPR Group Pty Ltd (MPR) from 10% to 40% (9/12/2015) then to 93% (5/8/2016)
  • Through MPR, Prime acquired a Melbourne accounting client base (Watermans) that Prime already held a minority ownership in (26/8/2016)

Marketing

  • Implementation of Prime’s ‘Accountant Advisory Board’ to help guide future strategies around CRM, database development and more Integrated Client Engagement
  • Delivery of Strategic Marketing support to Accounting Partners
  • Increased budget allocation & resourcing for development

Technology

  • Prime are increasing investment in Technology and have also engaged a Chief Technology Officer (CTO) to lead Technology development. This is a key component of Prime’s overall business strategy

Resourcing

Increased Financial Advisory staff for growth in:

  • New South Wales; and
  • Western Australia

Progress has also been advanced to further imbed Prime’s global resourcing platform which is a cornerstone part of Prime’s strategy.

Investment Advice

  • Substantially increased use of Prime Separately Managed Accounts (SMA’s)
  • SMA Funds Under Management (FUM) were $96M at 30 June 2016, up from $19M a year earlier
  • Rollout of Prime International SMA on 18 February 2016 

FY2017 Focus

The plan for FY17 is to:

  • Continue to proactively undertake acquisitions
  • Invest further in Technology and Prime Client Engagement Platforms
  • Build and market the Prime brand to support Complete Accounting, Wealth Management and Advice
  • Continue to differentiate at a client solution level
  • Foster a culture of innovation

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