Today Pro Medicus (PME) had its AGM...
Today, Pro Medicus (PME) held its annual general meeting at which Chairman, Peter Kempen reiterated the strong financial performance of the company. In a statement released ahead of the meeting he said that “The budget for the current financial year has been determined and I am pleased to advise that results to date are comfortably ahead of budget”. He also indicated that the Board anticipates another strong year with the majority of growth occurring in the second half of the financial year.
Looking forward, Kempen indicated that the strategic plan set in 2018, that has provided significant growth and improved profitability, will be maintained. PME retained a healthy increase in underlying net profit after tax of 91.9% to $19.13 million, a reasonable increase in retained earnings from $25 million to $32 million and a 75% increase above 2018’s dividend payment, which now represents a $0.105 fully franked dividend payment per share.
PME is held in the ASX Value strategy and was purchased back in September following the positive results of its full year report, which indicated strong growth potential. While PME has retraced below the initial entry price, today’s announcements reconfirmed our confidence in its growth potential. PME will continue to be held in the portfolio at least until the next rebalance on 5 December at which time the portfolio will be reviewed.
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