Business
Pinnacle Shares Slide Toward $15 as Investors Weigh Flat Dividend After Record Fund Inflows
SYDNEY — Shares in Pinnacle Investment Management Group Ltd fell sharply in Australian trading, touching levels near $15.09 and down more than 10 percent at one point as investors continued to reassess the stock after a strong full-year profit that left the dividend unchanged.
The multi-affiliate fund manager closed recent sessions well below its early-August spike, after first rallying on fiscal 2026 results and then giving back those gains. Intraday prints in late August showed a low around $15.55 against a prior close near $17.47, a swing consistent with the $15.09, 10.55 percent drop cited in market snapshots. The stock has also traded as high as about $20–$21 over the past year and as low as $12.30.
Pinnacle on Aug. 4 reported statutory net profit after tax attributable to shareholders of $176.7 million for the year ended June 30, up 31 percent from $134.4 million. Underlying profit, excluding a one-off gain on the Pacific Asset Management step-up and net marks on principal investments, was $138.0 million, up 21 percent. Diluted earnings were 78.1 cents a share, up 25 percent. Underlying earnings were 61.0 cents, up 15 percent.
Aggregate funds under management reached $229.4 billion, up 28 percent. Net inflows were a record $33.4 billion. Public-markets FUM was $171.7 billion. Private markets stood at $37.8 billion. Internationally sourced funds were $74.9 billion. Retail FUM was $50.7 billion.
The board held the full-year dividend at 60.0 cents a share, matching fiscal 2025. The final payment is 31.0 cents, franked to 65 percent, for shareholders on the register Sept. 1 and payable Sept. 25. Full-year franking was 72 percent, down from 79 percent. The payout is high relative to underlying earnings once one-off items are stripped out.
That mix — record flows, higher statutory profit, a flat cash return — helps explain why the first-day jump did not last. The shares rose as much as about 8 percent on Aug. 5, briefly near $19.50, then drifted lower through the rest of the month. UBS kept a Hold rating and an A$18 target after the result. Broader consensus targets sit higher, but listed Australian asset managers have been sensitive to performance-fee swings and multiple compression.
Pinnacle’s model is a platform of affiliate boutiques. It takes equity stakes and a share of profits rather than running a single house style. Affiliate revenue at 100 percent was $1.77 billion, including $146.6 million of performance fees, slightly below $153.6 million a year earlier. Five-year outperformance across strategies slipped to 81 percent from 91 percent, with Hyperion’s Australian growth products cited as a drag after weakness in several large technology names.
The company spent the year buying more of what it already likes. It moved to 100 percent of U.K.-based Pacific Asset Management and said PAM had agreed terms to acquire Asset Value Investors. It also increased its holding in Metrics Credit. Managing director Ian Macoun and other executives have framed offshore affiliates and private credit as the next growth engine after two decades of building the Australian franchise.
Those deals absorb capital and management time. Cash, once converted into affiliate equity, is no longer sitting on the parent balance sheet in the same way. Investors who wanted a rising dividend after a 31 percent statutory profit lift instead saw the same 60-cent total as last year and a lower franking rate.
Share count and employment terms have added to the tape. The company appointed Matthew Lamb as an executive director in early August and lodged employment-arrangement details. It has also used employee loan-backed share mechanisms in the past. None of those items alone explain a double-digit down day, but they sit on top of a stock that had already rallied hard on results and then faded.
Pinnacle remains one of Australia’s larger listed multi-boutique managers, with a market value around A$4 billion at recent prices. Ten-year compound growth in FUM has been about 28 percent a year from a much smaller base. That history is why the name still draws growth-oriented buyers. It is also why a flat dividend and softer performance-fee contribution can look like a pause after a long run.
The near-term calendar is simple. The stock goes ex the 31-cent final dividend around the Sept. 1 register date. Settlement of the cash payment follows on Sept. 25. Markets will then look through to first-half 2027 flows, whether PAM-AVI closes cleanly, and whether Hyperion and other public-markets affiliates stabilize versus benchmarks.
A print near $15 after a $19 handle earlier in August is a reminder that Pinnacle trades as a growth stock first and a yield stock second. Record inflows and a 31 percent profit rise were real. So was the decision not to lift the dividend. Traders who bought the result have been selling the aftermath. Anyone who needed income had a date on the register. Everyone else is waiting to see whether $229 billion of funds can keep compounding without another step-up in the check that shareholders take home.
It will not, however, be used to offset any potential future increase to council tax.
“At this time, we think it’s better value for the taxpayer to take that £20m underspend and invest it into the services that they want to see improvement in,” Radford said.
The council effectively declared itself bankrupt in 2023 but has recently shown signs of recovery.
Commissioners appointed to help run the authority in 2024 left earlier this year and were replaced with “ministerial envoys”, who have fewer powers.
Radford said an underspend was “quite rare” but was evidence of the council’s improving financial position.
Kirsty L Jones, leader of the Nottingham People’s Alliance, however, said it may have come as a result of “under-delivery of services in the first place”.
“I think when they’ve cut so deeply previously, it’s not going to cause any sort of recovery in the services people expect, paying higher council tax for fewer services as they’ve seen throughout the years,” she said.
“Helping with the cost of living – I don’t know how they can meaningfully do that with £20m and expect to spend it on other things too.”
The use of the underspend funds will be discussed at a meeting of the council’s executive board on Tuesday.
It will then require approval from full council because it constitutes a change to the authority’s annual budget.
A Scarborough bed and breakfast owner has said businesses like his will face an “uneven playing field” if a so-called tourist tax is introduced in North Yorkshire but not in neighbouring East Yorkshire.
A consultation on plans for a visitor levy closed in February and legislation is expected to be brought forward later this year.
James Rusden, who runs Scarborough’s Toulson Court B&B, said if the levy was not England-wide, cost-of-living pressures would mean some visitors would instead go where no tourist tax was being charged.
A government spokesperson said: “We’re listening to businesses in Yorkshire and across the country on this so we make sure money raised is invested in local priorities.”
Rusden said he believed such a levy would act like “a form of taxation”.
“Nobody likes an extra cost and people will complain about it,” he said.
“But if it was an even playing field it would be a lot better as it would be easier to manage and control.
“People are short of money. To put a tax on them coming on holiday makes them think twice about where they go.
“If someone is coming to Scarborough but has to pay a levy each night, but can go to Bridlington where there’s no levy, then that’s where they’ll go.
“It’s unfair and it’ll make it harder for us to compete.”
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Since the end of June until 1 September, VAT was reduced on children’s meals served in restaurants, as well as kids’ and family tickets for cinemas, shows, exhibitions and outdoor venues and activities.
Tara Stapley, the general manager of the Big Sheep Farm and Theme Park in Bideford in north Devon, said: “Numbers have increased slightly and I think that is partly down to the summer savings scheme.”
The business reduced ticket prices and added more children’s meals to the menu.
Stapley said there were “lots of people calling and asking about it”.
She said: “People coming have been quite pleasantly surprised by our ticket prices and we’re saying we’re part of the summer savings scheme and they have been very grateful for that.”
Stapley added the scheme could have been publicised more as “a lot of people didn’t know about it”.
She backed any extension of the scheme “100%, if that happened we’d be dancing on the ceiling I think” and said it would be helpful for families and businesses over the October half term and Halloween.
Stapley said days out can be expensive: “We want to make that as affordable as possible and memories that last a lifetime for them.
“Anything that the government can do in extending the scheme would be a huge help not only for us but the people who want to visit our site as well.”
Southwell, also chair of the Cornwall Association of Tourist Attractions, said he had initially thought it was “a great idea”.
He added: “But I know some attractions have not reduced the price but taken that money and used it for their attraction, which, in fairness, is fine because otherwise they might have had to have put their prices up.”
He said a permanent 0% or 5% VAT rate for attractions “would allow all of us to invest for the future”.
Lappa Valley head of marketing Matt Bunt said it was “amazing that families are able to keep a bit more money in their pockets”, but added the “policy was put out in a bit of a rush and not very well publicised by the government”.
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The stock opened at Rs 230.79, up 9.4% from its previous close of Rs 210.94, and touched an intraday high of Rs 230.79.
The rally followed Milky Mist’s first quarterly earnings announcement since its stock-market debut. The company’s profit after tax rose nearly tenfold to Rs 65 crore in Q1, compared with Rs 6.53 crore in the same quarter last year. Revenue from operations grew 43.6% year-on-year to Rs 973.45 crore from Rs 678.09 crore.
Tuesday’s rally added to Milky Mist’s post-listing gains. At Rs 226.05, the stock was up about 61% from its issue price of Rs 140 and 37% from its debut price of Rs 165.
Milky Mist listed on both NSE and BSE on August 18 following its Rs 1,553-crore IPO, which comprised a fresh issue of 10.20 crore shares worth Rs 1,428 crore and an offer for sale of 89 lakh shares valued at Rs 125 crore. The stock debuted at Rs 165, a 17.9% premium to its issue price of Rs 140.
The dairy products maker said growth during the quarter was broad-based, with its summer-focused categories benefiting from an extended hot season, particularly in South India. Higher volumes, an improved product mix and better pricing ability also supported the performance.
Gross profit increased 56.1% year-on-year to Rs 333.02 crore, while the gross margin expanded to 34.21% from 31.46%. Earnings before interest, taxes, depreciation and amortisation rose 74.5% to Rs 144.89 crore from Rs 83.02 crore. The EBITDA margin improved to 14.88% from 12.24%.Paneer remained Milky Mist’s largest revenue contributor, recording growth of 34% from a year earlier. Cheese revenue increased 38%, and curd grew 27%. Ice-cream sales climbed 60%, while yoghurt was the best-performing category, registering 153% growth.
“As we look ahead to FY27, our focus will remain on driving profitable growth through portfolio expansion, operating discipline and investments in our manufacturing and distribution capabilities,” whole-time director and CEO K Rathnam said.
Milky Mist’s revenue grew at a compound annual rate of 31.26% between FY24 and FY26, reaching Rs 3,138.36 crore in FY26. In FY26, the company was India’s largest private packaged paneer brand in the organised market, the largest private packaged cheese brand in South India, and one of the country’s top two private packaged yoghurt brands.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
Care Zone is one of several organisations part of the council’s crisis resilience fund, a network helping people with food parcels, advice and other services.
Its volunteers clean and repair donated furniture and other household goods, giving out more than 3,500 larger items last year and 425 smaller items, such as saucepans and tin openers.
Of the 1,900 people who used Care Zone last year, about 845 were children.
This year the warehouse is piled high with brand new mattresses ready for families in need.
“We see families that have basically been in temporary accommodation,” said Wilcox.
“There might be a family of five in one single room sharing a few beds, sleeping on the floor, nowhere to cook.”
He said tackling bed poverty was a priority because of the impact it had on children’s education.
“For children in particular, a good night’s sleep is really essential.
“By giving them a bed, they have a much better chance at doing better in school.”
Anyone can donate items to Care Zone, and it is accessed by people being referred through organisations such as the council or their GP.
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