Eighty-eight per cent of Prime Financial’s $12.4 million in total revenue was derived from wealth management activity, with the remaining revenue coming from the firm’s accounting investees.
Total revenue was up 6 per cent on last year on the back of stronger investment returns.
Prime Financial’s net profit after tax was down marginally by 1.1 per cent to $2.78 million, and earnings before interest and tax were down 13 .4 per cent to $3.74 million.
Funds under management increased to $82 million from $68.9 million in the previous year.
The wealth management firm also reduced its net debt to $5.9 million as at 30 June 2013, compared with $7.6 million at 30 June 2012.
Prime Financial has also restructured its cost base, with a $1.3 million benefit set to flow through the company in the 2013/2014 financial year.
The wealth management firm will pay a final dividend of 50 cents per share, bringing the total dividend to 75 cents per share – down 25 per cent on the previous year.
The full-year dividend of 75 cents per share represents a dividend payout ratio of approximately 44 per cent based on the full-year earnings per share of 1.7 cents per share.
Managing director and chief executive Simon Madder received a total remuneration package of $472,720 for the financial year.
Executive director Peter Madder received a total package of $327,976.
