(Bloomberg) -- Barrenjoey plans to pay its first-ever dividend after making record revenue and turning its startup business into a profitable multi-service financial firm.
The Sydney-based investment bank made a net profit after tax of A$34.7 million ($23 million) in the year through June 30, according to the annual report from Magellan Financial Group Ltd., a top shareholder. The firm owns a 36% stake in Barrenjoey that it valued at A$136.4 million, up about 10% on the prior year.
The result underscores Barrenjoey’s successful expansion from an ambitious firm started by former UBS Group AG Australia leaders Matthew Grounds and Guy Fowler and other rainmakers in 2020. It’s now a full service investment bank with more than 320 staff across businesses from mergers and acquisitions to foreign exchange and fixed income.
A Barrenjoey spokesperson confirmed the bank intends to disburse a dividend to shareholders this year. The decision will need board approval. Barclays Plc is the company’s other major shareholder, along with staff.
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