23 February 2016
Manager, Company Announcements ASX Limited
Via E-lodgementDear Sir/Madam
McMillan Shakespeare Limited Interim ResultsPlease find attached the Appendix 4D Half Year Report, Directors' Report, the Financial Report and Auditor's Independent Review Report for the half-year ended 31 December 2015.
This information should be read in conjunction with McMillan Shakespeare Limited's 2015 Annual Report.
This announcement comprises the information required by ASX Listing Rule 4.2A and the statement required by Rule 4.2C.2.
Yours faithfully
McMillan Shakespeare Limited
Mark Blackburn
Chief Financial Officer and Company Secretary
Interim Financial Statements
Half-year ended 31 December 2015
Previous corresponding period: Half-Year ended 31 December 2014
McMillan Shakespeare Group of Companies
ABN 74 107 233 983
ABN 74 107 233 983
Results for announcement to the marketHalf-year 31 Dec 2015 | Half-year 31 Dec 2014 | ||
$000 | $000 | ||
38,935 | 31,127 | ||
1,159 | 152 | ||
1,699 | - | ||
41,793 | 31,279 | ||
1. Details of the reporting period and the previous corresponding period | |
Current period: 1 July 2015 to 31 December 2015 Previous corresponding period: 1 July 2014 to 31 December 2014 | |
2. Results for announcement to the market | |||
Key information | Percentage change | Half-Year ended 31 December 2015 $000 | |
2.1 | Revenues from ordinary activities | Up 34% to | 244,261 |
2.2 | Profit after income tax | Up 25% to | 38,935 |
2.3 | Net profit after income tax attributable to members of the parent entity | Up 25% to | 38,935 |
Dividends | Amount per share | Franked amount per share | |
2.4 | Interim dividend | $0.29 | $0.29 |
2.5 | Ex-dividend date | 30 March 2016 | |
Record date for determining entitlements to | 1 April 2016 | ||
the dividend | |||
Dividend payment date | 15 April 2016 | ||
2.6 | Commentary on results for the period | ||
Underlying Net Profit After Tax and Acquisition Amortisation (UNPATA), being net profit after tax but before the after-tax impact of acquisition-related transaction expenses and the amortisation of acquired intangible assets, has been used to measure the financial performance of the Group. The Company believes this measure of performance best represents the core financial results of the Group's operations. For the half year ended 31 December 2015. UNPATA has been calculated from NPAT as reported in item 2.2 above, as follows. Profit after income tax (item 2.2) Amortisation of acquired intangible assets after tax Acquisition transaction costs after tax UNPATA UNPATA for the half year ended 31 December 2015 of $41.8m represents a 33.6% increase on the previous corresponding period of $31.3m. This increase was driven by strong performances from Group Remuneration Services (15% increase) and Asset Management (9% increase), combined with the new segment in Retail Financial Services which delivered an UNPATA result of $7.1m. | |||
ABN 74 107 233 983
The financial operating performance of the segments is summarised below.
Half-year 31 Dec 2015 | Half-year 31 Dec 2014 | Half-year 31 Dec 2015 | Half-year 31 Dec 2014 | |
Revenue | Revenue | UNPATA | UNPATA | |
$000 | $000 | $000 | $000 | |
Group Remuneration Services | 91,416 | 82,801 | 28,319 | 24,579 |
Asset Management | 97,428 | 98,374 | 6,919 | 6,362 |
Retail Financial Services | 54,642 | - | 7,117 | - |
Total segment operations | 243,486 | 181,175 | 42,355 | 30,941 |
Unallocated public company costs and net interest | (562) | 338 | ||
UNPATA | 41,793 | 31,279 |
Basic earnings per share as shown in the financial statements was 47.10 cents per share (1H15: 41.17 cents per share) and on a diluted basis was 47.00 cents per share (1H15: 40.97 cents per share).
Refer to the accompanying December 2015 Half-Year Results Announcement for more details on the financial results.
3. Net tangible assets per share | |||
31 Dec 2015 | 30 Jun 2015 | ||
Ordinary shares | $1.17 | $1.53 | |
4. Control gained or lost over entities during the period | ||
Name of entities where control was gained during the period United Financial Services Pty Ltd, United Financial Services (Queensland) Pty Ltd and United Financial Service Network Pty Ltd (collectively known as UFS) Anglo Scottish Asset Finance Limited (UK) (Anglo Scottish) | Date control acquired 31 July 2015 4 November 2015 | |
Name of entities where control was lost during the period | Date control lost | |
None | N/A | |
5. Dividend | |||
Dividends | Amount per | Franked | |
share | amount | ||
per share | |||
Cents | Cents | ||
Final dividend in respect of the financial year ended 30 June 2015 per share | 27.0 | 27.0 | |
Interim dividend | 29.0 | 29.0 | |
The record date for determining entitlement to the interim dividend is 1 April 2016. The interim dividend is payable on 15 April 2016. | |||