News: Argo increases FY profit

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Argo Investments Limited (ASX:ARG) has increased full year profit by 11.8 per cent.



The Adelaide-based investment firm’s net profit rose to $172.06 million for the 12 months to June 30, from $153.9 million a year earlier.



Operating profit increased 20.5 per cent to the same figure as the net profit result.



The company says it had cash reserves of about $160 million and no debt.



Chief executive Jason Beddow says the company remains ready to take advantage of selective buying opportunities, as they present themselves in the share market.