Magellan Financial (ASX:MFG) reports strong half year results

Company News

by Lauren Evans

Magellan Financial Group (ASX:MFG) posted its half year results for the six months ending December 31.

The company’s net profit after tax rose 24 per cent to $251.6 million, while its revenue lifted 23 per cent to $401 million. Magellan declared an interim dividend of 110.1 cents per share, up 13 per cent from the prior year. Profit was driven by funds under management, which grew by 12 per cent.

“Magellan has faced a number of challenges over recent months, however the croup remains in a robust financial position and has delivered strong financial results for the period,” said chief executive officer Kirsten Morton.

“Magellan has a robust balance sheet with no debt and net tangible assets of $992.8 million, strong margins and operating cash flows which will enable us to continue to support and invest in the business."

Shares in Magellan Financial Group (ASX:MFG) are trading 15.2 per cent higher at $21.21. 

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