Platinum Asset Management, a fund manager, released its preliminary final report for the year ended 30 June 2018, posting rise in revenue and profit of 5.9% and 1.7%, respectively.
The growth in revenue of 5.9% to $353.3 million, is driven by significant increase of 13.1% in Funds Under Management. Net profit attributable to members increased 1.7% to $189.2 million in FY18.
During the year Platinum has reduced its fees and charges in Platinum Trust Funds and Platinum Global Fund, which has been offset by strong investment returns and new client inflow over the past 12 months. Further, the company has taken initiatives for business development in North America and Europe.
The board declared final dividend of 16 cents per share, fully franked, payable on 21 September 2018. This takes FY18 total dividend to 32 cents. Earnings per share was 32.36 cps in fiscal 2018.
PTM share price increased by 1.509% to $5.380 on 24 August 2018, before market close.
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