"Fiducian Group reported strong revenue and earnings growth, with a positive outlook for the period ahead. This serial acquirer has had a quieter patch in terms of tucking-in and integrating new financial planners, but this has supported a focus on reducing costs. Improved margins together with modest top-line growth saw underlying NPAT increase 17%. Absent the need to retain earnings for growth, a healthy dividend increase was announced. While its shares have performed well since we invested around a year ago (up ~40%), the company remains attractively priced around 13 times earnings. We believe Fiducian is an under-appreciated quality company, with a strategically integrated financial services business. It’s highly cash generative with limited capital required to support organic growth. Fiducian is a top-5 holding for DMXASF."
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