If they receive performance fees, they should also pay a performance bonus to staff. It isn't obvious what the additional pay to staff is. So you need to make a guess. A rough way to check impact of performance fees on the bottom line is look at when there isn't much. Examples:
Dec 21 half year - performance fees $0.4m; adjusted NPAT $8.3m
Jun 20 half year - performance fees $0.1m; adjusted NPAT $9.9m
The figures in your screenshot are statutory. Management adjustments (amortisation, unrealised gains or losses and one-off strategic review) are useful to take out non-cash items and noise.
Of course, none of this matters now they're getting hitched. But they were surprisingly profitable without performance fees.
PAC Price at posting:
$7.62 Sentiment: None Disclosure: Held
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