What happened to Link Admin shares?
Shares of Link Administration Holdings Limited [ASX:LNK] gained over 5% today.
Why did the LNK share price soar today?
Link Administration Holdings Limited, which is a leading administrator of financial ownership data, presented their half year results for the six months ending 31 December 2016.
The company had revenues of $395.8 million, up 1% from the previous corresponding period. Link Admin reported a statutory net profit after tax of $41.6 million.
Link Group has completed the migration of the former Superpartners clients, and it should benefit from the integration. Superpartners was an administration platform owned by five of Australia’s largest industry superannuation funds, which Link bought in 2014.
In the first half of FY2017, the group successfully completed the migration of the former Superpartner clients onto Link’s proprietary platform.
The Link board also announced an interim unfranked dividend of 6 cents per share to be paid on 3 April 2017. The ex-dividend date is 21 March 2017.
What now for Link Administration Holdings?
Link Group’s managing director John McMurtrie is optimistic about the group’s future. He said, ‘Link Group has a robust balance sheet and a business model which delivers strong operating cash flows. This allows us to both reward shareholders and to invest in our existing businesses. We are also well positioned to pursue attractive opportunities that enhance shareholder value and returns.’
Link group has been investing in proprietary and scalable technology, and says it has strong earnings momentum.
By Selva Freigedo