Earnings release
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11 February 2021 ASX Limited ASX Market Announcements Office Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Magellan Financial Group Limited Interim results for the period ended 31 December 2020 • Average funds under management up 9 % to $ 100.9 billion • MAGELLAN FINANCIAL GROUP LIMITED MLC Centre Level 36 , 19 Martin Place Sydney NSW 2000 AUSTRALIA General : +61 2 9235 4888 Facsimile : +61 2 9235 4800 Website : www.magellangroup.com.au ABN : 59 108 437 592 Profit before tax and performance fees of the Funds Management business up 8 % to $ 256.2 million ● • Net profit after tax up 3 % to $ 202.3 million • Adjusted net profit after tax down 2 % to $ 213.1 million • Interim dividend up 5 % to 97.1 cents per share Results summary 1H2021 1H2020 Change Average funds under management ( $ billions ) 100.9 92.8 9 % Net profit after tax ( $ millions ) 202.3 195.7 3 % Profit before tax and performance fees of Funds 256.2 237.4 8 % Management business ( $ millions ) Adjusted net profit after tax ( $ millions ) 213.1 216.8 ( 2 % ) Diluted earnings per share ( cents per share ) 110.6 108.2 2 % Interim dividend ( cents per share ) 97.1 92.9 5 % Brett Cairns , CEO , said : " Magellan had a busy first half with the completion of a number of important initiatives including the restructure of our global equities retail funds , the launch of the Magellan Sustainable Fund and the MFG Core Series and principal investments we made in Barrenjoey Capital Partners , FinClear Holdings Limited and Guzman y Gomez ( Holdings ) Limited . During the period , the Group saw a 9 % growth in average funds under management to $ 100.9 billion . We are pleased with this outcome , particularly given the severe market volatility seen around the world driven by the COVID - 19 pandemic and the headwind of the rising Australian dollar . For the half year ended 31 December 2020 , the Group reported net profit after tax of $ 202.3 million , which represents an increase of 3 % over the previous corresponding period . We are pleased to announce the 5 % increase in the interim dividend to 97.1 cents per share which reflects the increase in the underlying profitability of the funds management business before performance fees . "