Prime’s Half Year Results – February 2016

Prime Financial Group is an Integrated Wealth Management Firm for business owners and family groups. Prime’s goal is to become the Premier Partner to Accountants for Growth, Succession and Integrated Wealth Management, and to deliver personalised advice to clients for a secure financial future.

We are pleased to report our Half Yearly Company results as follows:

SUMMARY OF COMPANY FINANCIALS

1. Consolidated Entity

  • Profit Before Income Tax up 32% to $2.95M compared to 1H2015 of $2.23M
  • Profit After Income Tax up 56% to $2.34M compared to 1H2015 of $1.50M

2. Members of the Parent Entity (After Outside Equity Interest)

  • Profit Before Income Tax up 11% to $1.92M compared to 1H2015 of $1.73M
  • Profit After Income Tax up 39% to $1.61M compared to 1H2015 of $1.16M

3. Earnings Per Share (EPS) 1.12 CPS, up 42% compared to 1H2015 of 0.79 CPS

4. Interim Dividend 0.40 CPS consistent with 1H2015

5. Net debt of $2.53M (down 66%) at 31 December 2015, down from $7.4M at 30 June 2015

OPERATIONS & INVESTMENTS

In line with Prime’s goal of becoming the Premier Partner to Accounting Firms for Growth, Succession and Integrated Wealth Management, we would like to highlight the following key developments:

1. Corporate Development

  • Increase in investment in Accounting & Advisory Firm MPR Group Pty Ltd from 10% to 40%
  • A new investment in Watermans International Holdings Pty Ltd of 40% with an option to increase to 50% equity within 12 months
  • Existing Accounting Investee acquired a small parcel of Accounting Fees (2nd acquisition)
  • Two other Accounting Investees are undertaking acquisition opportunities of scale

2. Prime Service Offering

  • Ongoing communication of 3 tier Investment Advisory Service to Clients and Accounting Partners
  • Introduction of a new pricing schedule reflecting the 3 tier offering for Self Directed  Investors through to Full Advice Clients

3. Marketing & Technology

  • Continued deployment of Digital & Social channel marketing strategy and content plus production capability

4. Limited Accountant Licensing

  • Deployment of Prime’s limited accountant licensing offering, combined with Wealth Management JV

5. Investment Advice

  • Broadening of Prime Client Asset Allocation Model enabled by new Investment Management Technology Platform – February 2016 release of ‘International Separately Managed account (SMA)’
  • Significant Value Added by Prime’s Australian Equity SMA’s

DOWNLOAD our Half Yearly Results presentation below:

For more information, please email us: shareholders@primefinancial.com.au

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