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
Downloads
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