Pinnacle’s net profit after tax (NPAT) for the six months to December had risen by 120 per cent from the prior corresponding period (pcp).
There had been $5.5 billion in net inflows during the half, including $1.9 billion for retail (but no inflows from listed investment companies or listed investment trusts).
According to the company, after the COVID-19-induced market mayhem, both retail and institutional channels had seen a strong recovery in flows and in the market.
The group cashed in on its share of its affiliates’ NPAT, which rose by 80 per cent from the pcp to $31.8 million. Pinnacle gained $11 million in its share of performance fees earned by Pinnacle Affiliates in the first half, which had been only $100,000 in the pcp.
Four affiliates had earned performance fees totalling $45.2 million in the first half, compared to $500,000 the year before.
Base management fee revenues had also climbed, up by 18 per cent.
The aggregate affiliates’ funds under management (FUM) of $70.5 billion at the end of the year, was up by 14 per cent on 12 months earlier. Retail FUM came to $16.7 billion, a 17 per cent increase from the previous year.
The group’s earnings per share attributable to shareholders came to 17.5 cents, a 116 per cent increase from its EPS in the first half of financial year 2020.
The board declared a fully franked dividend per share of 11.7 cents, a 70 per cent increase from 1H FY20.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
