The Smartgroup Corporation Ltd (ASX: SIQ) share price rose 1% in reaction to the company’s 2019 half year result.
Smartgroup is a salary packaging business that was set up in 1999 as ‘Smartsalary’. After many acquisitions it now operates fleet management and a range of other employee management services.
What Smartgroup Reported
Smartgroup reported that its revenue rose by 3% to $126 million and that its EBITDA increased by 4% to $58.9 million (click here to learn what EBITDA means).
Net profit after tax (NPAT) went up 6% to $30.86 million. The Smartgroup Board decided to increase dividends per share by 5% to 21.5 cents per share.
Smartgroup CEO Deven Billimoria said: “It has been another successful 6 months for the Group with positive financial performance, client growth and continued success in expanding our services offering. We have made progress with the integration of acquired businesses and we remain focused on operational excellence and improving customer outcomes.”
I’m not sure about the future prospects of salary packaging businesses, so I’d rather stick to what I know better, like the reliable shares in the free report below.
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