FLAGSHIP'S REWARD FOR A BIG YEAR
19 August 2014, Written by Nick Nichols
SHARE portfolio manager Flagship Investments Ltd (ASX: FSI) has rewarded shareholders with a special dividend after a strong performance from the company.
The Bundall-based Flagship Investments, which is headed by Manny Pohl, posted a 59.8 per cent lift in profit from ordinary activities to $326,000, built on a 3.4 per cent rise in revenue to $1.57 million.
Total comprehensive revenue, which combines the profit result with the change in value of the company’s portfolio, has come in at $5.6 million – down 2.2 per cent.
It was another solid performance from Flagship which saw its net asset backing surge from $1.506 a share at the end of June last year to $1.744 in the 2014 financial year.
The company is paying shareholders a fully-franked final dividend of 3.5c a share, steady with last year. An extra 0.5c a share, fully franked, is also being distributed as a special dividend.
This brings the full-year dividend to 7.25c a share, pricing Flagship Investments on a yield of 4.4 per cent.The value of Flagship’s investment portfolio surged 26.2 per cent to $42.4 million over the year. This compared with a rise of 12.7 per cent in the All Ordinaries Index over the 2014 financial year.
Flagship’s returns to shareholders continue to be enhanced by its share buyback program which it renewed for another year.
Author: Nick Nichols