Australian Unity has reported a 16.6 per cent increase in net profit after tax for the year end 30 June 2015.
Announcing the results via the ASX, Australian Unity recorded a 16.6 per cent increase in net profit after tax on the previous year, totalling $34.6 million.
Australian Unity group managing director Rohan Mead said: “It is particularly encouraging to record such positive year-on-year growth across the portfolio as this indicates we are providing products and services that are valued by our customers.”
Funds under management remained steady at $7.3 billion, with funds under advice increasing by 70.2 per cent to $5.9 billion.
Total segment revenue for the company’s investments arm was $107.2 million, an increase of 3.9 per cent on the previous year.
The company also reported a 13.7 per cent increase in operating earnings, reaching $40.3 million.
“The operating earnings progress we have made during the year is very pleasing as it is spread across our businesses,” Mr Mead said.
“Growing revenues and developing diverse income streams has been a focus for several years and the effects of this strategy are now revealing themselves in the group’s financial performance.”
Australian Unity noted that its acquisition of Flinders Australia has added scale to the company’s operations.
“On 1 July 2015, the group also acquired estate planning and administration specialists Flinders Australia Limited, which will support the personal financial services business in making a full range of fiduciary services available to ordinary Australians,” said Mr Mead.
Asset managers are set to experience rough tides in the next few years, with the US and Europe to adopt quantitative tightening, according t...
Global credit investment manager Bentham Asset Management has added the Bentham Asset Backed Securities Fund to the ASX mFund Settlement Ser...
A dedicated renewable energy fund has raised over $150 million to bring its fund size to $540 million. ...