Argo Investments (ASX:ARG) has kicked off its AGM in Adelaide today and the company's Chairman, Russell Higgins says Argo has increased annual franked dividends for the sixth year in a row.
The investment company posted a full year profit of $219 million with revenue up 2.3 per cent driven by dividend increases from Macquarie Group, BHP and Rio Tinto.
Income from trading and option writing declined while income from interest received on cash deposits increased due to higher cash balances on hand.
The Chairman has hit out at the Labour party proposal to abolish refundable franking credits saying he strongly opposes the removal of refundable franking credits on the grounds that it would have a fundamentally inequitable impact.
Shares in Argo Investments (ASX:ARG) are trading flat at $7.80.