Aspen Announces Strong Half Year Result
Key Financial Highlights
�� Underlying Revenue increased 41% to $30.6 million
�� Underlying Profit After Tax increased 63% to $19.0 million
�� Underlying Earnings Per Security increased 26% to 7.57 cents
�� Gross assets under management increased 17% to circa $1.43 billion
�� Net Tangible Assets per security increased 10.6% to $1.46
Aspen Group (ASX:APZ) today announced an underlying net profit after tax of $19 million for the half year, representing a 63% increase on the corresponding period.
Aspen’s growth in underlying earnings has enabled further distribution growth with a 35% increase to 7.75 cents per security for the half year.
Aspen Group Managing Director, Mr Angelo Del Borrello commented that the first half results reflected the strong underlying business which Aspen had developed over the past few years.
“Our business strategy of building a quality property investment portfolio alongside an innovative national funds management business has contributed to the strong growth in recurring income and enhanced earnings quality”.
“The most significant feature of the half year result has been the strong increase in underlying revenue and earnings as a result of Aspen’s focus on building strong recurring income streams”.
“Aspen is well placed to continue its impressive earnings growth, underpinned by a sound balance sheet, growing funds management business and high calibre property people with expertise across all property sectors“.
