Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Investment management firm Pinnacle’s share price is up 10.5 per cent, currently sitting at $4.28 per share, in what has otherwise been mainly a day of losses on the ASX
  • Pinnacle told this market this morning its net profits after tax is up 32 per cent, bringing it to $30.5 million
  • Funds under management reached $54.3 billion

Investment management firm Pinnacle’s share price is surging, in what has otherwise been mainly a day of losses on the ASX.

Pinnacle released its fiscal year earnings to shareholders this morning, which were well received by the market.

The ASX 200 lister’s share price is up 10.5 per cent, currently sitting at $4.28 per share.

Profits after tax were up 32 per cent on the previous year, reaching $30.5 million. While funds under management reached $54.3 billion during the 2019 financial year.

Chairman of Pinnacle Alan Watson said: “as at 30th June 2019 Pinnacle consisted of 13 affiliates, offering a wide range of asset classes, with aggregate funds under management of $54.3 billion and FY19 net profits after tax of $30.5 million”.

During the 2019 financial year, the company’s affiliates had a combined after tax net profit of $89.1 million – an increase of 44.6 per cent.

According to Pinnacle’s Managing Director, Ian Macoun: “Pinnacle’s focus remained on continuing to support each of our affiliates and assisting them to grow their business and profitability”.

Fully franked final dividends of 9.3 cents per share will be paid to shareholders in October this year. This brings the dividend total for the year to 15.4 cents per share.

PNI by the numbers
More From The Market Herald

" Appen (ASX:APX) positioned to weather pandemic, reaffirms guidance

Data annotation and artificial intelligence company Appen (ASX:APX) has today reaffirmed its guidance for the 2020…

" Appen (ASX:APX) beats earnings guidance, outperforms a weak market

Data annotation and artificial intelligence specialist Appen (APX) has soared today after beating its earnings guidance…
Appen (ASX:APX) - CEO, Mark Brayan

" Appen’s (ASX:APX) shares rise on business restructure

Machine intelligence company Appen (ASX:APX) has made some changes to the structure of its business.
The Market Herald Video

" Appen (ASX:APX) receives $1.17b takeover bid from Canadian tech giant

Appen (ASX:APX) has received an unsolicited $1.17 billion takeover bid from Canadian telco giant Telus International.