Platinum Asset Management corrects FY25 report, faces significant redemption

Platinum Asset Management Limited (PTM) issued a correction to its Appendix 4E Preliminary Final Report for the financial year ended 30 June 2025. The revised report updates figures for Adjusted operating profit before tax and Adjusted EBIT per share, reflecting a 33.8% decline in Adjusted EBIT to A$54,889,000 and an 86.1% decrease in Statutory net profit after tax to A$6,257,000 compared to FY24. Adjusted EBIT per share for FY25 now stands at A$9.8 cents per share, down 32.9% from A$14.6 cents per share in FY24.

The company also announced that a large client plans to redeem approximately A$580 million from various Platinum Trust Funds and its mandate during October and November 2025. This redemption follows a manager review initiated earlier in FY25. Funds Under Management (FUM) at 30 June 2025 were A$7.9 billion, a 39.0% decrease from the A$13.0 billion closing FUM at 30 June 2024.

Platinum's board has determined not to pay a 2025 final dividend. The interim dividend paid for the half-year ended 31 December 2024 was 1.5 cents per share fully-franked, with a special dividend of 20 cents per share fully-franked also paid on the same date.