AMCIL Limited (ASX:AMH) has today announced its full year results for the year ending 30 June 2017.

Results summary:

  • Full year profit of $5.4 million, down from $7.7 million in the previous corresponding period:
    • There was a decline in investment income of $0.4 million.
    • Trading portfolio produced a very small loss (compared with $2.5 million profit last year). The large gains generated in the prior corresponding period were not repeated this year.
  • Dividend is 3.5 cents per share fully franked, in line with last year
  • Management expense ratio of 0.68%.
  • The twelve-month portfolio return to end of June 2017 was 5.3%; including franking it was 7.0%. The five-year portfolio return was 10.0% per annum; including franking it was 12.4% per annum.

Ross Barker, Managing Director of AMCIL Limited (AMCIL), said “AMCIL is a medium to long term investor with a focused portfolio in which large and small companies can have an equally important impact on investment returns.”

“The market returns over the year were influenced by strong performance in the banking and resource sectors where AMCIL has a low exposure. Coupled with many stocks trading at high valuations this has made it challenging for new investment and we have utilised call option writing strategies to generate additional income.”

AMCIL reported the top performing stocks over the year as Mainfreight, Lifestyle Communities, ASG Group, Treasury Wine Estates, CSL and Cover-More Group. It also reported adjustments to the portfolio, including the addition of new holdings in iSentia Group, Iluka Resources and Clydesdale Bank (CYBG), and the complete disposal of holdings in AMA Group, The Citadel Group, Ardent Leisure Group and CSG.

Mr Barker concluded by saying “In a market dominated by returns from the banking and resourcing sector, we remain satisfied with the positioning of the AMCIL portfolio. We have the cash on hand to invest in quality companies when valuations become more attractive.”

The AMCIL Limited full year results for the year ending 30 June 2017 can be accessed here.

For further information or an interview with Ross Barker, Managing Director of AMCIL, or Geoff Driver, General Manager of AMCIL, please contact:

WE BuchanAlicia Eu, +61 2 9237 2804aeu@buchanwe.com.auorWE BuchanSasha Fox, +61 3 8866 1219sfox@buchanwe.com.au

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