22 February 2017
Manager Company Announcements ASX Limited
Via E-lodgementDear Sir/Madam
McMillan Shakespeare Limited Interim ResultsPlease find attached the Appendix 4D Half-year Report, Directors' Report, the Financial Report and Auditor's Independent Review Report for the half-year ended 31 December 2016.
This information should be read in conjunction with McMillan Shakespeare Limited's 2016 Annual Report.
This announcement comprises the information required by ASX Listing Rule 4.2A and the statement required by Rule 4.2C.2.
Yours faithfully
McMillan Shakespeare Limited
Mark Blackburn
Chief Financial Officer and Company Secretary
McMillan Shakespeare Limited
Interim Financial Statements and Appendix 4D
Half-year ended 31 December 2016
Details of the reporting period and the previous corresponding period
Current period: 1 July 2016 to 31 December 2016
Previous corresponding period: 1 July 2015 to 31 December 2015
Results for announcement to the market
Percentage
Key information change
Half-Year ended 31 December 2016
$'000
Revenues from ordinary activities
Up 3% to
251,254
Profit after income tax
Up 4% to
40,424
Net profit after income tax attributable to members of the parent entity
Up 4% to
40,424
2.1
2.2
2.3
Amount per share
Dividends
Franked amount per share
Interim dividend
$0.31
$0.31
Ex-dividend date
30 March 2017
Record date for determining entitlements to the dividend
31 March 2017
Dividend payment date
13 April 2017
2.4
2.5
2.6 Commentary on results for the financial year
Underlying Net Profit After Tax and Acquisition Amortisation (UNPATA), being net profit after tax but before the after-tax impact of acquisition-related transaction expenses and the amortisation of acquired intangible assets, has been used to measure the financial performance of the Group.
The Company believes this measure of performance best represents the core financial results of
the Group's operations for the half-year ended 31 December 2016. UNPATA has been calculated from NPAT as reported in item 2.2 above, as follows.
Half-year 31 Dec
2016
Half-year 31 Dec
2015
Profit after income tax (item 2.2)
$'000
$'000
40,424
38,935
Amortisation of acquired intangible assets after tax
1,217
1,159
Acquisition transaction costs after tax
474
1,699
UNPATA
42,115
41,793
Group UNPATA for the half-year ended 31 December 2016 of $42.1m was 1% higher than the previous corresponding period (pcp) of $41.8m. The Asset Management segment was 19% higher than the pcp. The Group Remuneration Services segment was steady notwithstanding a change in the arrangement with a major client. The Retail Financial Services segment was 14% lower than pcp notwithstanding the growth in net amount financed. This reduction in UNPATA was largely due to a change in the mix of financing and uncertainty regarding potential regulatory changes.
The financial operating performance of the segments is summarised below.
Half-year 31 Dec
2016
Half-year 31 Dec
2015
Half-year 31 Dec
2016
Half-year 31 Dec
2015
Revenue
Revenue
UNPATA
UNPATA
Group Remuneration Services
$'000
$'000
$'000
$'000
90,522
91,416
28,244
28,319
Asset Management
104,017
97,428
8,223
6,919
Retail Financial Services
55,897
54,642
6,151
7,117
Total segment operations
250,436
243,486
42,618
42,355
Unallocated public company costs and net interest
(503)
(562)
UNPATA
42,115
41,793
Basic earnings per share as shown in the financial statements was 48.59 cents per share (1H16: 47.10 cents per share) and on a diluted basis was 48.47 cents per share (1H16: 47.00 cents per share).
Please refer to the accompanying December 2016 Half-year Results Announcement for more details on the financial results.
Net tangible assets per share
31 Dec 2016
30 Jun 2016
Ordinary shares
$1.47
$1.39
Control gained or lost over entities during the period
Name of entities where control was gained during the period | Date control acquired |
European Vehicle Contracts Limited (UK) (EVC) | 1 December 2016 |
Name of entities where control was lost during the period | Date control lost |
None | N/A |
McMillan Shakespeare Limited published this content on 22 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 March 2017 02:09:12 UTC.
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