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REPORTING SEASON: Goodman Group (GMG)

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Figure 1: Goodman Group 12 month chart

 

Goodman Group (GMG) does it again posting a strong lift in profit.

·         Integrated property firm Goodman Group (GMG) reported solid full year numbers today; the company meeting its full year guidance. The result was boosted by a large increase in the valuation of its property portfolio and strong balance sheet management.

·         GMG is also benefiting from their entry into new international markets (US and Brazil) and stgelopment projects (Urban renewal projects) in the booming Sydney and Melbourne property markets. Goodman’s occupancy rate was maintained at 96% over the year with like for like rental growth of 2.2%.

·         GMG’s stgelopment work in progress (WIP) increased 29.6% in FY14 to $2.6Billion

·         Assets under Management (AUM) growth continued to be robust, after increasing by 21.1% year on year (Y/Y) to June 2013 with GMG’s full year AUM totalling $26.8Billion. The result was helped by a lift in the value of assets up 14% (Y/Y). GMG’s current year average total returns of managed funds are in excess of 12% (Y/Y).

·         GMG advised the market today that its expects FY15 operating earnings per share (EPS) of $0.369 up 6% on FY14 ($0.348)

·         GMG will pay out 2H dividends & distributions of $0.1035 on the 26th of August 2014

 

You can see all of CommSec’s reporting season analysis by clicking here.

Juliana Roadley, Market Analyst,