Prime Financial Group Limited Anticipates Increase in Final Dividend for the Full Year 2017; Confirms Consolidated Earnings Guidance for the Year Ending June 30, 2017
The company confirmed consolidated earnings guidance for the year ending June 30, 2017. For the year, the company confirmed that the unaudited forecast profit before income tax, from continuing operations, is expected to increase by 21% - 26%, for the year ending 30 June 2017: Members of the parent entity, profit before income tax expected to be in the range of $4.20 million to $4.40 million, and profit after income tax expected to be in the range of $3.40 million to $3.60 million. The forecast profit includes an additional contribution from the now wholly owned subsidiary, Prime Accounting & Business Advisory Pty Ltd. (PABA), formerly MPR Group Pty Ltd. (MPR). The 2017 profit excludes any contribution from the restructure of investments in Accounting and Wealth Management businesses, in 2016 this contributed $0.83 million to both profit before and after income tax. Consolidated Group income will increase by approximately 35% primarily due to the MPR acquisition, and the consolidation of MPR's results into the financial accounts of Prime. Income arising from the Altezza acquisition will not significantly impact the current year result, with the acquisition having been settled on 16 June 2017. The company does however expect a material contribution from Altezza in the 2018 financial year.