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Peregrine earnings increase

Johannesburg - Wealth and asset management group Peregrine Holdings [JSE:PGR] on Wednesday announced diluted headline earnings per share of 130.8 cents for the year ended march 2011, from 124.4 cents previously.

It noted basic diluted earnings per share of 140.2 cents, from 124.8 cents.

Operating revenue increased to R1.499bn, from R1.38bn, but profit from operations declined to R480.48m, from R496.5m earlier.

The group declared a dividend of 35 cents, from 31 cents in 2010.

Peregrine CEO Jan van Niekerk said that the group produced an acceptable level of profitability, and that he was particularly pleased with its strong cash flows.

"During the last year we focused on strengthening our balance sheet and on consolidating and growing the companies in the group," he said.

The group said that private client wealth manager Citadel contributed R104m from operations, an increase of 18% from the previous year. Assets under management increased to R18.6bn as the team secured record new inflows of R2.7bn for the year.

The group's asset management division, which comprises a number of fund management teams, experienced a reduction in profits of 27% to R35.3m.

Peregrine said that Stenham, its 52% held offshore subsidiary, had been focused into three divisions: Stenham Asset Management, a global fund of hedge funds business, with assets under management of $3.3bn; Stenham Property, a global property manager with assets of £2bn and Stenham Trustees, which provide trust and corporate administration services.

Peregrine said its share of Stenham's profits for the year increased by 6% to R98m. In sterling terms, profits increased by 18%.

The group's broking and structuring division, Peregrine Securities increased its operating profit by 21% to R109m despite a difficult operating environment.

The group's proprietary investment portfolio contributed R103m to overall profitability.


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