Fiducian Group posts solid half
Fiducian Group has reported a 23% increase in net profit after tax on the back of a 10% increase in revenue for the half-year to 31 December, 2023.
Announcing the six-month result to the Australian Securities Exchange (ASX) also noted that the company had largely recovered the investment declines of 2022.
The directors confirmed an interim fully-franked dividend of 18.20 cents per share.
The company’s commentary said the result demonstrated its resilience and ability to manage economic uncertainties.
“Our successful in-house Manage-The-Manager system of investment continues to attract the majority of retail funds placed with us. Its superior features of wider diversification to a range of asset managers, provides a lower risk entry through a single transaction,” it said.
“The sharp declines in 2022, seen particularly in shares and fixed income securities were largely recovered. Our investment strategy to move close to benchmark.”
The company said funds under management, administration and advice (FUMAA) had increased by 9% from $11.9 billion to $12.9 billion while platform administration for superannuation and investment services grew 13% to $3.4 billion.