16/07/2010
Plan B FUMA and market update for FY2010
Plan B Group Holdings Limited (“Plan B” or the “Company”) wishes to announce that Funds under Management, Administration or Advice ("FUMA") as at 30 June 2010 was $2.05 billion. This represents an overall increase in FUMA of 11.7% when compared with the position as at 30 June 2009 and a decrease of 6.7% from the 31 March 2010 position.
A notable aspect of the FUMA position was the amount held on Plan B’s platforms as at 30 June 2010. This stood at $1.59 billion at that date, representing 77.7% of total FUMA. The on-platform FUMA amount was 15.3% higher than the position at 30 June 2009.
The composition of Plan B’s FUMA as at 30 June 2010 is diagrammatically presented below:
Market update for FY2010
Plan B advises that, based on unaudited management accounts for the 12 months to 30 June 2010, it expects to report net profit after tax (excluding the impact of one-off costs associated with its management restructure announced in April 2010) in the range of approximately $3.9 million to $4.1 million for the year ended 30 June 2010 (“FY2010”). This represents an increase of between 36% and 43% over the reported net profit after tax, before impairment, for the prior financial year.
After taking into account the impact of the one-off cost of the management restructure referred to above, the Company expects to report net profit after tax in the range of $3.2 million to $3.4 million for FY2010.
The Board is pleased that the expected net profit after tax (excluding management restructure costs) for the half year ended 30 June 2010 (“2H2010”) of between $2.2 million and $2.4 million will exceed substantially the performance in both the previous corresponding period ($1.20 million before impairment) and in the first half of the financial year ($1.70 million).
The anticipated profit improvement is consistent with the Company’s previous guidance in February 2010. However, the result will have been achieved despite the volatility and decline in equity markets experienced during the latter half of 2H2010 which led to a smaller increase in revenue than previously expected.
The Company is also pleased to announce that it has agreed with the external shareholders of its 86%-held subsidiary, Strategic Financial Management Pty Ltd (“Strategic”), to bring forward the acquisition by Plan B of the balance of the shares in Strategic. The Company now expects to exercise its option to acquire the outstanding 14% of Strategic during July 2010. This will help facilitate the continued growth of Strategic and further enhance the strong relationship between Strategic and Plan B.
The Company expects to finalise and release to the ASX its audited results for FY2010 during the week commencing 23 August 2010. The final dividend for FY2010 will also be announced at that time.
Contact Details
Greg Haskis
Executive Chairman
Plan B Group Holdings Limited
Tel: (08) 9324 6006
Fax: (08) 9481 6148