“The overall results were characterised by an improvement in the quality of earnings, with returns on proprietary investments, in line with the revised group strategy, accounting for a lower proportion of profits than in previous years,” [DATA PGR:Peregrine Holdings] said.
“The Peregrine group produced a strong set of results under improved trading conditions for the twelve months ended 31 March 2014. All operating subsidiaries performed well with Citadel and Peregrine Securities, in particular, producing excellent results.”
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The financial services group, which has several divisions including wealth management, asset management and broking and structuring, also saw a 22 per cent increase in its total revenue from 1.7 billion rand for the 2013 year to 2.1 billion rand in 2014.
Profit from operations rose 58 per cent to 662 million rand in 2014 from 419 million rand in 2013 and profit before taxation stood at 761 million rand.
“The profitability of the wealth management division was negatively impacted by the further loss incurred by Beauclerc, a UK and Guernsey based multi-family office, which was sold during the year,” said Peregrine.
The Johannesburg Stock Exchange-listed company also reported basic earnings per share of 214.1 cents in the 2014 year from a loss of 226.4 cents in 2013 and diluted earnings per share of 205.5 cents from a loss of 222.7 cents in 2013.
“In line with the new strategy adopted, Peregrine has capitalised on the strong base of profitable, cash generative operating businesses as is evident with the release of these results,” Peregrine said.
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“In addition the group continues to focus on growing its businesses organically, driving cross business revenue synergies and continuing the process of divesting from non-core assets. At the same time the group is diversifying and expanding through appropriate transactions.”