Argo increases FY profit

Company News

Argo Investments Limited (ASX:ARG) has increased full year profit by 11.8 per cent.

The Adelaide-based investment firm’s net profit rose to $172.06 million for the 12 months to June 30, from $153.9 million a year earlier.

Operating profit increased 20.5 per cent to the same figure as the net profit result.

The company says it had cash reserves of about $160 million and no debt.

Chief executive Jason Beddow says the company remains ready to take advantage of selective buying opportunities, as they present themselves in the share market.