PSG HAS reported double-digit growth. Karen Sandison / African News Agency (ANA)
DURBAN – PSG Konsult reported double-digit growth in the six months to end August, with its division PSG Asset Management the star performer hiking recurring headline earnings by 53percent.

The group reported 18 percent growth in recurring headline earnings to R283.15 million, up from R239.28m compared to last year.

The group said return on equity came in at a healthy 22 percent.

Chief executive Francois Gouws said yesterday that the continued upward trajectory of their key operating and financial metrics demonstrated the resilience of their business model and ability to gain market share even during periods where the company experienced economic headwinds.

“All of our businesses contributed from this growth under challenging economic environment. We were able to gain new customers and it speaks volumes of our business,” Gouws said.

The group’s income during the period increased by 10 percent to R2.28 billion, up from R2.06bn while recurring headline earnings per share increased by 18percent to 21.5cents a share, up from 18.2c.

The group declared a gross dividend of 7c a share from income reserves, up by 23percent from last year’s 5.7c.

“Given our continued confidence in business prospects, the board decided to declare an interim gross dividend of 7c a share,” Gouws said.

The group added that its total assets under management increased by 19percent to R230bn, comprising assets managed by PSG Wealth of R182bn and PSG Asset Management of R48bn.

PSG Insure’s gross written premium increased by 25percent to R2bn.

In the PSG Asset Management division, Gouws said the 53 percent increase in recurring headline earnings was achieved as a result of an excellent long-term track record of delivering top-quartile risk-adjusted investment returns for our clients

PSG Konsult shares closed 0.62 percent lower at R9.64 on the JSE yesterday.