Join our daily newsletter At The Bell to receive exclusive market insights
- Magellan Financial Group (MFG) shares have jumped today after reporting an increase in profit and a dividend that beat market forecasts
- The company has reported a net profit after tax of $251.6 million for the first half of FY22, a 24 per cent increase from this time last year
- MFG agreed to an interim dividend of $1.10, a 13 per cent increase over the previous corresponding period
- Over the past couple of months MFG has had a number of set backs with CEO Brett Cairns resigned in December and not long after Chairman Hamish Douglass announced he was taking medical leave
- On the market, Magellan is up 17.6 per cent and trading at $21.55 per share
Magellan Financial Group (MFG) shares have soared today after reporting an increase in profit and a dividend that beat market forecasts.
The company has reported a net profit after tax of $251.6 million for the first half of FY22, a 24 per cent increase from the previous corresponding period.
It’s all good news for shareholders as MFG agreed to an interim dividend of $1.10, a 13 per cent increase over the previous corresponding period.
At the end of the period, the company has over $291 million in cash and cash equivalents.
Over the past couple of months, MFG has had a number of setbacks with CEO Brett Cairns resigning in December and not long after Chairman Hamish Douglass announced he was taking medical leave.
“Magellan has faced a number of challenges over recent months, however the Group remains in a robust financial position and has delivered strong financial results for the period,” interim Chief Executive Kirsten Morton said.
“We are focused on our core funds management business and delivering upon our investment objectives for our clients.”
Additionally, Magellan has also announced a number of capital management initiatives, including a bonus issue of options and possible share buyback.
On the market, Magellan was up 17.6 per cent and trading at $21.55 per share at 1:36 pm AEDT.
