Sceptre Investment Counsel Ltd. is reporting increased earnings for the fourth quarter ended Nov. 30, 2006.
Fourth-quarter earnings were $1,383,000, or 10¢ per share, compared with $1,008,000, or 7¢ per share for the same period last year.
Earnings for the 12 months ended Nov. 30, 2006 were $5,201,000, or 37¢ per share, compared with $3,714,000, or 26¢ per share in 2005.
Revenue for the fourth quarter was $7,195,000, compared with $5,939,000 for the fourth quarter last year. Revenue for the 12 months ended Nov. 30, 2006 was $27,274,000, compared with $22,811,000 for fiscal 2005. The fourth-quarter revenues from the company’s pension and institutional fund business are calculated based on market values as at Sept. 30, 2006.
Total expenses for fiscal 2006 increased by 16% over the prior year. Major expense items include compensation (+16%), mutual fund expenses (+16%) and foreign sub-advisory fees (+70%). The foreign sub-advisory fees and mutual fund expenses increased in proportion to the growth in assets under management.
“Our financial performance is continuing to improve, reflecting both robust market returns and new client assets. We anticipate an active year for new business opportunities based on our strong long term investment track records, new product initiatives and expanded marketing capabilities” said Richard Knowles, president and CEO.
On Dec. 31, 2006, the acquisition of Legg Mason Canada’s Private Client Division closed bringing an additional $600 million in assets and approximately 250 new client relationships to Sceptre.”
Sceptre also raised its quarterly dividend of 9¢ per share on outstanding common shares, payable on Jan. 31, 2007 to shareholders of record Jan. 24, 2007. The previous quarterly dividend was 8¢ per share. Total dividends declared for the fiscal year rose by 29% as compared to the prior fiscal year.