Pinnacle posts 11% drop in HY profit, agrees to Pacific Asset Management buyout
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The news: Pinnacle Investment Management has recorded an 11% slide in first-year net profit compared to the same period last year.
The group has also agreed to acquire the remaining 79.2% stake in Pacific Asset Management it does not already own for $418.8 million.
The numbers: Pinnacle reported first-half net profit after tax (NPAT) of $67.3 million, down from $75.7 million in the corresponding period.
Pinnacle's share of NPAT from its equity interests in affiliates was $69.4 million, down 7% year on year. The net impact of performance fees on Pinnacle's NPAT in the first half was $13.4 million, compared with $36.4 million a year earlier.
Diluted earnings per share was 30.1 cents, down 18% from 36.7% cents a year earlier.
Funds under management from Pinnacle's 18 affiliates at 31 December was $202.5 billion, reflecting a 13% or $23.1 billion increase year on year, with $17.2 billion in net inflows.
Pinnacle declared an interim dividend of 29 cents per share, a 7% increase from the FY25 financial dividend of 27 cents, but a 12% decrease on last year's interim payout of 33 cents.
