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Prime Financial Group Ltd’s focus on acquisitions has delivered a 30 per cent profit for the FY16/17, with accounting firms proving particularly lucrative.
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Key acquisitions boosts firm’s financial year results
29 August 2017
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The accounting, wealth management and capital advisory firm announced a $3.59 million profit after tax for the year ending 30 June 2017, with a final dividend of 0.45 cents per share, up 12.5 per cent.
Prime managing director and chief executive Simon Madder said company team numbers doubled over the year with the acquisition of Altezza Partners and MPR Group.
In particular, the group’s income grew by 40 per cent to $19.3 million mainly because of the MPR acquisition and the consolidation of MPR’s results into the financial accounts of Prime.
“We have worked hard to reposition Prime’s growth strategy and undertake complementary transactions and it is pleasing we have also been able to increase our profit considerably,” Mr Madder said.
Prime’s Funds Under Management (FUM) increased by $131 million to $1.108 billion, up 13 per cent on the previous year.
“The FY17 FUM increase was mainly driven by stronger than normal net FUM inflows, triggered partly by changes to superannuation legislation and also as a consequence of increased client support of Prime’s enhanced wealth management offering,” added Mr Madder.
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In the next 12 months, Prime has set its target on integrating its acquisitions, identifying new partners and acquisitions, while deploying its business and service model across both owned and partner firms.
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