This article is from the Australian Property Journal archive
CENTURIA Capital has supersized its funds under management by 95% to $3.7 billion following the takeover of the 360 Capital Group.
Centuria posted an operating net profit after tax of $3.9 million in the first half year to December 31, down from $4.7 million in the previous corresponding period.
The group recorded a statutory loss of $1.4 million compared to a net profit of $5.7 million in the pcp.
Despite the lower earnings, Centuria lifted its dividend per share to 2.30 cents up from 2.25c in the pcp.
CEO John McBain said the last six months has been a period of unprecedented growth for Centuria.
During the period, group FUM increased 95% to $3.7 billion, recurring income increased to 77% of total revenue and Centuria’s market capitalisation rose to circa $260 million.
“The last six months has been a period of unprecedented growth for Centuria. This growth included the purchase of the 360 Capital platform as part of Centuria’s deliberate strategy to enhance organic growth by acquisition.
“Notwithstanding two major corporate actions in the half, the group grew its property funds management business organically with acquisitions of $324 million and asset revaluation of $97 million.
“Importantly, $116 million of the $227 million capital raising was deployed to acquire co-investment stakes in Centuria REITs. This executes on our stated strategy of aligning our interests with our investors and continually increasing the Group’s recurring revenue stream,” he added.
Looking ahead, Centuria has forecast an operating NPAT of $14.9 million and EPS of 9.9 cents per security and DPS of 7.5 cps.
Australian Property Journal
