Centuria Capital target 25% FUM growth after posting strong profits
Specialist investment manager Centuria Capital have announced results for the full year ended June 30 2016 and declared a fully franked final dividend of 3.00 cents per share.
John McBain, Group CEO was pleased with the overall figures.
“Centuria delivered a record underlying net profit after tax of $10.4 million, which is at the upper end of guidance provided to the market in December.
"We are pleased that the FY16 fully franked dividend of 5.25 cents per share is in line with our aim to provide consistent earnings and distribution growth over the short and long term.”
Operating Highlights during FY16 included:
· Group funds under management increased 21% from $1.6 billion to $1.9 billion.
· Unlisted property fund acquisitions totaled $265 million.
· Centuria Metropolitan REIT portfolio book increased 9.3% to $400 million with distributions on forecast.
· Strengthened balance sheet supports unlisted acquisitions and acquisition of GMF stake.
Centuria is target 25 percent growth in Group FUM during FY17.
The acquisition of the $280 million Zenith Tower in partnership with Blackrock in July 2016 will contribute significantly to reaching the FUM target.
“It has been a very successful year for Centuria and we believe our platform is well positioned to deliver growth in earnings," Group CEO John McBain added.
"We have clear strategies to enhance our business in FY17 and these include expanding and diversifying our distribution channels and a concerted move towards a higher recurring revenue model.
“Centuria will continue to review opportunities to expand the Group by acquisition of fund managers if they are on-strategy and enhance value to shareholders.”
