BLUE SKY CHASES GROWTH

Written on the 27 February 2014

BLUE SKY CHASES GROWTH

BLUE Sky Alternative Investments (ASX:BLA) is continuing its aggressive growth strategy, growing revenue 241 per cent to $8.15 million in the first half of FY14.

The company today reported a net loss after tax of $1.2 million, while increasing net tangible assets to $39.7 million, compared to $9.1 million in the previous corresponding period.

Blue Sky directors anticipate performance fee income will exceed the company’s historical performance of 15 per cent growth per annum this year and in the first half, the company increased its assets under management (AUM) by $50 million to about $400 million.

It is on track to achieve a target of more than $500 million in AUM by June 30.

Investments held in the funds that it manages, traditionally a small part of the business, has also grown through a combination of continued investment and a decision to take equity in the funds it manages in lieu of cash fees.

The company raised $34.6 million from shareholders in the first half to provide additional capital for ongoing co-investment in Blue Sky managed funds and for balance sheet scale, with funds to be invested over the medium term.

Underlying operating revenue grew by 35 per cent in 1H FY14 to $6.5 million (vs. $4.8 million in 1H FY13) and total underlying revenue rose 31 per cent in 1H FY14 to $7.2 million (vs. $5.5 million in 1H FY13).

This growth in revenue was largely driven by increased management fees derived from Blue Sky’s increased AUM, as well as a strong pipeline of Private Real Estate and Private Equity deals translating to transaction fees.

Blue Sky’s underlying net profit after tax (NPAT) in 1H FY14 was $0.3 million (vs. $0.6 million in 1H FY13).

BLA is trading down 4.76 per cent at $2 per unit this morning.


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