International equities manager Cadence Capital Limited (ASX: CDM) this afternoon released an impressive profit report for the full year ending June 30, 2017. Below is a summary of the results, with comparisons to the prior financial year.
- Net profit after tax of $37 million, up 220%
- Profit before tax of $47 million, up 200%
- Total income of $66.6 million
- Basic earnings per share of 13.5 cents
- Flagship Cadence Capital Fund returned 2%, versus 13.1% for the benchmark
- 4 cents per share final dividend, full year dividends totaled 8 cents per share
- Net tangible asset backing after tax of $1.24, as at June 30, 2017
This was a good year for the fund manager that invests primarily in leading Australian, global, and U.S. equities such as Google-owner Alphabet Inc., Softbank, Janus Henderson Group (ASX: JHG) and Macquarie Group Ltd (ASX: MQG).
Its ASX-listed stock closed at $1.235 on June 30, which suggests it trades in line with its net tangible asset backing per share. The trailing dividend yield is 6.3% plus the tax effective benefits of franking credits.
