Managed Accounts Holdings Limited (ASX:MGP) presented it’s full FY15 results today, elaborating further on the growth experienced during FY15.
Managed Accounts Holdings Limited was established in 2004 and was previously known as Investment Administration Services. The company specialises creating, operating and administrating customised managed discretionary account solutions for Australian financial advisers, Australian Financial Services Licensees and fund managers.
For FY15 the company reported operating revenue of $4.35 million, up 41 per cent on the previous corresponding period (pcp). Fund Under Administration grew by 43 per cent to $1.5 billion. Net profit before tax (NPBT) came in at $815,578 equating to 18.7 per cent of operating revenue. MGP paid an annual dividend yield of 4 per cent on an issue price of $0.20.
During FY15 the company executed record 10 Memorandums of Understanding with new IFA clients and successfully established it’s subsidiary, Planner Holdings Limited (PHL). Net inflows increased by 142 per cent when compared to FY14 as a result of increased services in place for Independent Financial Advisor (IFA) firms. Minimal cash was required for working capital and the company currently has a strong cash position with 4.4cents per share, putting it in a good position to support growth and corporate activity.
Going forward to FY16, the company reported $88 million net inflows for 2 months to 31 August 2015 and FUA of $1.573 billion as of 31 August 2015. Six IFA firms have committed to building services in the last quarter of FY2015 which will be rolled out in the first half of FY2016, with total FUA of $2 billion. MGP is targeting a continuance of Gross Operating Margin and increased Net Operating Margin, given normal market conditions.
Over the last 12 months MGP’s share price has decline approximately 22 per cent. Following the company’s preliminary financial report in late August, it’s share prices jumped 11 per cent, however has pulled back slightly since. Today it’s share price has gained 2.63 per cent (12AEST) as the company presents its full year results.
Author: Ben Visser
Sep 09, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.