APN Property Group Limited (ASX code: APD) is pleased to announce its financial results for the year ended 30 June 2017.
- Operating Earnings1 $7.3 million up 95% from $3.8 million2 in the prior corresponding period (pcp)
- Pro-forma3 Operating Earnings 2.35 cents per share (cps) up 90% from 1.24 cps in pcp
- Statutory net profit after tax of $10.7 million vs $49.7 million pcp (pcp includes discontinued Healthcare Operations)
- Funds under Management4 (FuM) up $409 million or 18.6% to $2.6 billion5
- The pre-IPO APN Retail Property Fund launched and successfully transitioned to form part of the $308 million5 ASX listed Convenience Retail REIT
- Strong and flexible balance sheet with net assets of $111.9 million, including cash of $18.6 million
- Final dividend (fully franked) increased 0.25 cents to 0.75 cps, ahead of guidance and taking FY2017 dividends to 2.00 cps in total (fully franked)
APN’s Chief Executive Officer, Mr Tim Slattery, said “2017 has been a great year for APN measured on several fronts, with contributions across each part of the business helping deliver a 90% increase in our operating profit. We are pleased to see the results of a simple but deliberate strategy designed to expand the scale of the business with growth in funds under management to $2.6 billion completing five years of annual compound growth in excess of 18%.
The quality of APN’s earnings has also been a key area of focus and a solid result has been delivered, with over 96% of earnings generated from recurring sources. We have grown the business without significantly increasing its risk profile or that of our funds, which remain well capitalised for further growth with modest levels of debt, and high quality and well located underlying property portfolios with robust occupancy and leasing metrics.
Over the year our team delivered strong risk adjusted investment performance for the investors in our funds, with recognition by independent research ratings, awards and most significantly additional investment from our clients.”
For full details of the results, please click on the following: