Vince Pezzullo
1H17 Highlights
- Strong operating profit after tax of $22.7m
- A fully-franked interim dividend of 2.2 cents per share, a 175% increase on 1H16
- Portfolio performance for the 6 months to 31 December 2016 was 11.2.%, outperforming the benchmark by 0.8%1
- The Net Tangible Asset backing per share was $1.083 after tax2 as at 31 December 2016
Perpetual Equity Investment Company Limited (ASX:PIC) has announced a strong result for the six months to 31 December 2016, with operating profit before tax of $31.5 million and operating profit after tax of $22.7 million. PIC’s operating profit after tax represents a 76% increase on the first six months of FY16.
The PIC Board also announced an interim fully franked dividend of 2.2 cents per share, in line with the board’s objective to pay a regular and growing dividend to shareholders, fully franked wherever possible. This represents a 175% increase on the first six months of FY16. The interim dividend will be paid on 17 March 2017 and PIC will trade ex-dividend on 28 February 2017.
The dividend reinvestment plan (DRP) is available to shareholders for the interim dividend. The plan will operate at a 2.5% discount. The last election date for the DRP will be 2 March 2017.
The PIC portfolio delivered investors regular income and strong growth in the face of volatile market conditions. Portfolio performance for the six months to 31 December 2016 was 11.2%, outperforming the benchmark by 0.8%1.
Vince Pezzullo, PIC’s Portfolio Manager, said the strong performance against a backdrop of global volatility highlighted the benefits of a disciplined investment approach.
“Market volatility provides an opportunity to buy quality companies at attractive prices. We will remain patient and maintain our focus on identifying quality companies that can deliver strong returns for the portfolio, with the objective of providing shareholders with a growing income stream and long term capital growth.”
As at 31 December 2016, the portfolio held 67% in Australian securities, 14% in global securities and 19% in cash.
New investor website
The PIC board is pleased to announce the launch of our new website. The new site was designed to ensure shareholders have access to a flexible and easy to navigate platform that provides better access to key News & Insights content, videos and fund information. The daily NTA will continue to be published on the new website.
PIC is the only Listed Investment Company in Australia to release the Net Tangible Assets (NTA) per share daily ensuring our shareholders always have a current valuation of the investment portfolio. As at 31 December 2016, the value of the portfolio’s NTA per share was $1.083 after tax2. The NTA per share continues to grow and is $1.099 after tax2 as at 16 February 2017.