BLUE SKY CHASES GROWTH

BLUE SKY CHASES GROWTH

BLUE Sky Alternative Investments (ASX:BLA) is continuing its aggressive growth strategy, growing revenue 241 per cent to $8.15 million in the first half of FY14.

The company today reported a net loss after tax of $1.2 million, while increasing net tangible assets to $39.7 million, compared to $9.1 million in the previous corresponding period.

Blue Sky directors anticipate performance fee income will exceed the company’s historical performance of 15 per cent growth per annum this year and in the first half, the company increased its assets under management (AUM) by $50 million to about $400 million.

It is on track to achieve a target of more than $500 million in AUM by June 30.

Investments held in the funds that it manages, traditionally a small part of the business, has also grown through a combination of continued investment and a decision to take equity in the funds it manages in lieu of cash fees.

The company raised $34.6 million from shareholders in the first half to provide additional capital for ongoing co-investment in Blue Sky managed funds and for balance sheet scale, with funds to be invested over the medium term.

Underlying operating revenue grew by 35 per cent in 1H FY14 to $6.5 million (vs. $4.8 million in 1H FY13) and total underlying revenue rose 31 per cent in 1H FY14 to $7.2 million (vs. $5.5 million in 1H FY13).

This growth in revenue was largely driven by increased management fees derived from Blue Sky’s increased AUM, as well as a strong pipeline of Private Real Estate and Private Equity deals translating to transaction fees.

Blue Sky’s underlying net profit after tax (NPAT) in 1H FY14 was $0.3 million (vs. $0.6 million in 1H FY13).

BLA is trading down 4.76 per cent at $2 per unit this morning.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Hard seltzer start-up enters non-alcoholic market with launch of Fellr Free

Hard seltzer start-up enters non-alcoholic market with launch of Fellr Free

Alcoholic pre-mix brand Fellr is expanding its core range of produc...

The co-founder question: Do you need one, and how do you find someone?

The co-founder question: Do you need one, and how do you find someone?

I’ve played beach volleyball for Australia for the last decad...

EML Payments awarded $320m government contract to help stimulate the Spanish arts sector

EML Payments awarded $320m government contract to help stimulate the Spanish arts sector

Global payment solutions business EML Payments (ASX: EML) will play...

Microbio goes public as med-tech tackles condition that causes 11 million deaths per year

Microbio goes public as med-tech tackles condition that causes 11 million deaths per year

Brisbane-based medical technology company Microbio has stepped...