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Australian Ethical first-half profit up 172%

Australian Ethical first-half profit up 172%

Tim Stewart
— 1 minute read

Strong inflows and good asset management performance have seen Australian Ethical's first-half net profit after tax almost triple to $1.5 million.

Fund manager Australian Ethical, which uses both positive and negative screens in its investment process, has reported a net profit after tax of $1.5 million for the six months to 31 December 2015.

Group funds under management for Australian Ethical were up 35 per cent on the previous half-year to $1.4 billion, and net inflows nearly doubled to $155 million.

Revenues for the fund manager were up 11 per cent on the previous half-year to $10.9 million.

Australian Ethical managing director Phil Vernon described the half-year result as "exceptional", pointing to strong investment performance and a "disciplined approach to cost management".

"Our strong new business growth is driven by increasing interest in ethical investing, as Australians look for ways to build their wealth in a positive way," Mr Vernon said.

"Our solid investment track record, over multiple time periods, proves that people can make their money do good for both themselves and the planet."

The Australian Ethical board declared an interim fully-franked final dividend of $1.20 per share for the six months ended 31 December 2015.

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Australian Ethical first-half profit up 172%
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