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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

To download, please click on the links below:

• 2016 Full Year Results Presentation

• Dividend Announcement

• Appendix 4E