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MFS profit climbs 90 per cent

By Madeleine Collins
 — 1 minute read
MFS plans to double assets under management in less than a year.
Listed financial services group MFS has recorded a 90 per cent rise in annual net profit to $185 million.

The Queensland-based group's assets under management climbed 75 per cent to $5.26 billion in the 12 months to June 30, 2007.

MFS chief executive Michael King told shareholders in Melbourne yesterday the group was on track to achieve $10 billion in assets under management by next June.

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The group returned earnings per share growth of 53 cents to shareholders, up 23 per cent, and total dividends of 28 cents per share, up from 26 cents per share.

The record result was due to growth in assets under management and the success of the group's tourism business operating under the Stella Group banner.

"Net profits, dividends, funds under management and market capitalisation all reached record highs, while at the same time the platform was set for further growth," MFS chairman Andrew Peacock said.

MFS Diversified Group and its parent company yesterday announced it would launch an unlisted residential land development fund by the end of March 2008.

The MFS Land Fund No 1 will be released through the company's retail distribution networks in an effort to find alternative funding to existing equity and debt sources.

The fund's first asset will be a residential land subdivision in Melbourne.

MFS is looking to expand into established and emerging markets across the Middle East, North Africa and South-East Asia following the relocation of former managing director Phil Adams to Dubai earlier this year.

It recently launched a boutique hedge fund of funds with plans to raise US$1 billion from institutional investors.

The share price closed up four cents yesterday to $5.19.

MFS profit climbs 90 per cent
MFS plans to double assets under management in less than a year.
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