No Change to Fair Value as McMillan Shakespeare Delivers Growth on All Fronts

McMillan Shakespeare's, or McMillan's, impressive 33.6% increase in first-half fiscal 2016 underlying net profit after tax, or NPAT, to AUD 41.8 million compares with AUD 31.3 million in first-half 2015. The result is a combination of strong organic growth in the core Remuneration Services division, an improvement in the Asset Management businesses, and contributions from recently acquired businesses (Presidian, United Financial Services, and less so, Anglo Scottish). Reported NPAT, which includes the amortisation of acquisition intangibles and one-off acquisition costs, increased 25.1% to AUD 38.9 million. Underlying EPS increased 22.2% to AUD 0.506 per share, impacted by the equity raised to acquire United Financial Services and the exercise of employee options. The fully franked interim dividend increased 16% to AUD 0.29 per share, a 61.6% payout ratio of reported NPAT.