PSG re­silience shows amid head­winds

Cape Times - - COMPANIES - SANDILE MCHUNU sandile.mchunu@inl.co.za

PSG KONSULT re­ported dou­ble digit growth in the six months to end Au­gust, with its di­vi­sion PSG As­set Man­age­ment the star per­former hik­ing re­cur­ring head­line earn­ings by 53 per­cent.

The group re­ported 18 per­cent growth in re­cur­ring head­line earn­ings to R283.15 mil­lion, up from R239.28m com­pared to last year.

The group said re­turn on eq­uity came in at a healthy 22 per­cent.

Chief ex­ec­u­tive Fran­cois Gouws said yes­ter­day that the con­tin­ued up­ward tra­jec­tory of their key op­er­at­ing and fi­nan­cial met­rics demon­strated the re­silience of their busi­ness model and abil­ity to gain mar­ket share even dur­ing pe­ri­ods where the com­pany ex­pe­ri­enced eco­nomic head­winds.

“All of our busi­nesses con­trib­uted from this growth un­der chal­leng­ing eco­nomic en­vi­ron­ment. We were able to gain new cus­tomers and it speaks vol­umes of our busi­ness,” Gouws said.

The group’s in­come dur­ing the pe­riod in­creased by 10 per­cent to R2.28 bil­lion, up from R2.06bn while re­cur­ring head­line earn­ings per share in­creased by 18 per­cent to 21.5 cents a share, up from 18.2c.

The group de­clared a gross div­i­dend of 7c a share from in­come re­serves, up by 23 per­cent from last year’s 5.7c.

“Given our con­tin­ued con­fi­dence in busi­ness prospects, the board de­cided to de­clare an in­terim gross div­i­dend of 7c a share,” Gouws said.

The group added that its to­tal as­sets un­der man­age­ment in­creased by 19 per­cent to R230bn, com­pris­ing as­sets man­aged by PSG Wealth of R182bn and PSG As­set Man­age­ment of R48bn.

PSG In­sure’s gross writ­ten pre­mium in­creased by 25 per­cent to R2bn.

In the PSG As­set Man­age­ment di­vi­sion, Gouws said the 53 per­cent in­crease in re­cur­ring head­line earn­ings was achieved as a re­sult of an ex­cel­lent long-term track record of de­liv­er­ing top-quar­tile risk-ad­justed in­vest­ment re­turns for our clients

PSG Konsult shares closed 0.62 per­cent lower at R9.64 on the JSE yes­ter­day.

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