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Fiducian reports strong first half, flags growth plans

Fiducian reported a 10% increase in revenues and 18% jump in funds under management for the six months to December end, saying it's the result of a disciplined business plan.

In its half-year update, Fiducian said its underlying net profit after tax came in 17% higher at $8.2 million. Its statutory net profit after tax was 23% higher at $6.84 million.

Contributing was a 10% increase in revenues, 9% increase in funds under management, administration and advice (FUMAA) to $12.9 billion, and funds under management were 18% higher at $4.8 billion. It added that FUMAA is already up to $13.1 billion when also accounting for January; it has more than doubled in the last five years.

"The financial results for the half-year once again demonstrate the resilience of Fiducian's ability to manage economic uncertainties," the business said.

"Disciplined business plan execution and hard work by management utilising our vast cache of intellectual capital has enabled us to deliver for our people, our stakeholders and our shareholders."

However, the group's expenses were up by 6.6%. Fiducian sought to manage this, including by not immediately replacing some staff when they left. It has dropped 10 staff since December 2022, it said.

Elsewhere, Fiducian reported having 80 financial advisers on its books, evenly split across salaried and franchisee arrangements. Of its $4.7 billion in funds under advice, 51% is with the salaried channel.

It also flagged more acquisitions to come.

"The board is confident that the future of the business is positive and likely to continue to strengthen through organic growth and acquisition of client bases that can benefit from the Fiducian Process," it said.

Fiducian will pay an interim fully franked dividend of 18.20 cents per share.

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