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Corporate: Australian Ethical Investment books 38pc earnings upgrade; shares already double in FY20
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Australian Ethical Investment (ASX:AEF) this morning announced a big earnings upgrade and it’s share price has more than doubled this financial year.
The ethical fund manager expects its net profit after tax for the first half of this financial year to be between $4.2m and $4.6m. This is 38.7 per cent higher than the year before and 30.7 per cent higher than the six months ended June 30.
The company told shareholders this was due to strong growth in funds under management. Acting CEO Steve Gibbs believes it is an endorsement of his firm’s aspirations.
“We’ve seen a marked increase in the number of Australians who understand the impact of their investments and want to make a difference with their money,” he told Stockhead.
“They are seeking us out because our experience proves that the power of money can be harnessed to deliver both competitive returns and positive change for society and the environment at a time when it’s never been so important to invest for a better tomorrow.”
Shares rose 2 per cent this morning, but are up over 106 per cent since July 1.
Ethical Investing recap: The six things we now know about ethical investing
In other ASX corporate news today:
Threat Protect Australia (ASX:TPS) has surged over 30 per cent after announcing a new substantial holder. Hong Kong-based Black Crane Capital has bought $5m worth of shares in the security agency at a 45 per cent premium to yesterday’s closing price.
Home building robot maker FBR (ASX:FBR) is undertaking another capital raising. It has secured $5m in a placement and wants another $5.5m from a share purchase plan. Shares fell 11 per cent this morning, but CEO Mike Pivac said the past year had been significant and pointed to a bright future for the company.
It’s only been a month since Quantum Health Group (ASX:QTM) bought Carestream’s medical imaging service businesses in Australia and New Zealand. Today it told shareholders it’s buying Carestream’s business in the Philippines as well. It will pay just over $US1.6m ($2.3 million).
