Steadfast Group Ltd. said its underlying net profit after tax for the fiscal full year ended June 30 rose 19% from a year earlier, and unveiled a plan to raise up to A$120 million from selling new shares.
Underlying net profit after tax for the fiscal year rose to A$89.2 million from A$75.0 million in the prior year, thanks to higher income from its equity brokerages and underwriting agencies.
Underlying revenue for the fiscal year rose 21.4% year-over-year to A$688.3 million from A$567.0 million. Underlying diluted EPS was 11.27 cents, up 16% from 9.71 cents in the previous year.
Steadfast Group plans to raise A$100 million from a share placement to institutional investors, with the final issue price set on Aug. 22. In addition, the company plans to sell up to A$20 million of new shares at the same price to existing shareholders in Australia and New Zealand.
The company declared a fully franked total dividend of 8.5 cents per share, up 13.3% from 7.5 cents per share in the prior year. A fully franked final dividend of 5.3 cents per share will be paid out Sept. 20 to shareholders of date on Aug. 26.
Steadfast Group expects its underlying net profit after tax for the full fiscal year ending June 2020 to be between A$100 million and A$110 million. Underlying diluted EPS is expected to grow between 5% and 10%.
