Staffing cuts helped Fisher Funds lift annual net profit 21.7%

Net profit increased by $13.6 million to $76.4 million for the year ended March with fee income rising 3.5% to $228.6 million while operating expenses dropped 11.2% to $104.2 million.

Employee benefits fell 9.3% to just over $53 million in the latest year.

“There was a decrease in average FTE [full-time-equivalents] as we recognised synergies in the prior yar from reducing duplicate systems and roles as we completed major migration projects,” a Fisher spokeswoman said.

For a second year, the company has paid more in dividends than earnings with this year’s payout up 23% at $86.5 million. The previous year, Fisher paid $70.4 million in dividends compared with the net profit of $62.8 million.