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Financial Results

Reviewed Financial Results 2013

The PSG Konsult Group returned credible results for the financial year ended 28 February 2013. These results were driven by meaningful contributions from all of PSG Konsult's well-diversified business segments, with PSG Asset Management making a significant contribution to growth in earnings over the past year (largely aided by performance fees). PSG Konsult Financial Planning and PSG Online (which in future will form part of the PSG Wealth Division) also returned good results. The insurance segment of the business did not perform as well as anticipated, largely due to the restructuring of the short-term administration business, a soft premium market and decreased underwriting profits (as seen across the industry) due to natural disasters.

The Group's key financial indicators are listed below:

  • Revenue, consisting of premiums, commission and other operating income increased by 13.9% to R1 570 million (2012: R1 379 million).
  • The group's recurring headline earnings increased by 15.3% to R174.4 million (2012: R151.3 million), whilst headline earnings increased by 7.1% to R173.8 million (2012: R162.3 million).
  • Recurring headline earnings per share increased by 9.2% to 15.4 cents (2012: 14.1 cents) whilst headline earnings per share increased by 1.3% to 15.4 cents per share (2012: 15.2 cents).
  • Funds under administration increased by 24.2% to R172.6 billion (2012: R 139.0 billion).
  • Short-term premiums administered increased to R1 650 million (2012: R1 600 million) on an annualized basis (including the premiums added from the Western Insurance acquisition less the sale of the third-party short-term administration book of business).
  • The total dividend declared in respect of the 2013 financial year is up 4.9% as compared to 2012 (10.8 cents versus 10.3 cents).

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To obtain a hard copy, contact Wilna Calitz at wilna@psg.co.za

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