Ann: Market update, page-2

Another good achievement for PNI.
So, their performance fees are now growing on a regular basis from 15.3 m in FY 19 to 26.7 m in FY 20 and 85.9 m in FY 21.

H2 FY 21 was a bit lower than H1 (40.7 m vs 45.2 m for H1), but it was expected given the very high level reached in H1.
H2 FY 21 performance fees are up 55 % yoy.

Given this result, I still think that the company should be able to reach a NPAT during H2 comparable to H1 (around 30 m*) as the expected increase of management fees (half on half) should be able to offset the decrease of performance fees.

* excluding the effect of potential one off during H2 21.