Argo Investments reports $272m profit and record dividend

The news: Argo Investments has posted a $271.7 million profit and will deliver a fully franked dividend of $0.18 per share, a record high for the group.

The numbers: Argo's full-year profit was down 13.2% on FY22's $312.9 million, but that year was bolstered by a one-off on-cash injection of $61.7 million from BHP and Woodside's oil and gas assets merger, as well as Tabcorp’s Lottery Corporation demerger. Argo shares were up roughly 1% to $9 since Friday's close.

The context: The Australian sharemarket performed surprisingly well in the financial year to July 2023, defying a grim global outlook, inflation pressures and steeply rising interest rates. Argo generated returns in all sectors but was lifted particularly by a more than 30% boost in its tech picks. Argo said investor sentiment indicated most global economies should be able to avoid a recession, but mid to long-term growth outlooks remain muted.