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Plan B expects 37% FY11 profit growth

Plan B expects 37% FY11 profit growth

Wealth management company Plan B Group Holdings (ASX:PLB) expects to report a net profit of around $4.6 million in FY11, up 37% on the prior year.

Announcing the forecast, the company asserted that its strategy of transferring the management of its international equities portfolio to its internal management division had paid off over the year.

The company expects the benefits to continue flowing through into FY12.

Excluding restructuring costs recorded in FY10, the company expects a 13% increase in underlying net profit.

Gains were weighted to the second half, with Plan B achieving an estimated $2.63 million in profit during the period, up from $2.36 million in 2H10.

Funds under management, administration or advice (FUMA) increased 12.9% over FY11 to $2.3 billion - of which $1.83 billion is considered on-platform – after the company launched operations in New Zealand.

Plan B intends to publish its full audited results, and the size of its planned final dividend, during the week beginning on August 22.

PLB shares grew 4% on Tuesday to $0.520.

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