Magellan Financial (ASX:MFG) revenue dips 2% in FY21

Company News

by Lauren Evans

Magellan Financial Group (ASX:MFG), a specialist funds management business, posts its earnings for the period ending 30 Jun 2021.

Average funds under management (FUM) was up 9 per cent from the prior year to $103.7 billion.

Adjusted net profit after tax and before associates was up 4 per cent from the prior year to $454.4 million.

Revenue for the year decreased by 2 per cent to $663.6 million due to the increase in the average Australian dollar exchange rates over the year. 

Total dividends for the year were 211.2 cents per share.

CEO Brett Cairns said, “The 2021 financial year has been a very busy and productive one for Magellan with the completion of a number of important initiatives that we believe will add meaningfully to Magellan’s value, diversity and resilience over time."

Shares in Magellan Financial Group (ASX:MFG) are trading 10.3 per cent lower at $46.12. 

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