Shares in Navigator Global Investments Ltd (ASX: NGI) have slipped 5.1% to $5.43 at the time of writing on the day of its FY18 results presentation.
Navigator shares had a bumper year – up 104% from its share price of $2.70 at this time last year, but today's results failed to enthuse investors.
Navigator's assets under management (AUM) jumped $7.2 billion over FY18 to $16.7 billion, driven by a $1.8 billion increase from its Lighthouse business.
Performance fee income jumped 388% over the year, but distribution costs also rose 23%, although operating expenses were down 25%.
Navigator revealed a 24% increase in employee costs related to bonus remuneration for Lighthouse staff, but its balance sheet remains healthy with US$38.2 million in cash and no loans and borrowings.
Navigator peers include Magellan Financial Group Ltd (ASX: MFG) – also releasing results today – and IOOF Holdings Limited (ASX: IFL) which handed down its results on Monday.
