Euroz Rides The Market Higher
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The solid rise in the ASX in the year to June 30 (and especially in the June quarter) has produced an outsized rise in Euroz Limited’s unaudited net profit after tax (attributable to members) of approximately $31.3 million up a large 61% uplift on the previous year’s $19.4 million result.
As a result the company will pay a final fully franked dividend of 9.25 cents per share which combined with the interim dividend of 1.75 cents brings the full year dividend to 11 cents from 7.25 cents a share a year ago.
This is a 52% increase on the previous full year dividend. The ASX 200 rose by around 8% in 2017-18 and 14.7% on an accumulation basis.
Directors said "the group experienced broadly similar trading conditions to the previous year with improved performance fees being the driver for increased profitability and dividends”
"An improvement in the value of our various investments has seen our total cash and investments increase to $139.4 million (before final dividend payment).
"Group Funds Under Management (FUM) has increased by 21.3% to $1.46 billion from $1.2 billion last year and we will continue to focus on building these recurring revenue streams.” The shares rose 1.5% to $1.35.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.