The GPT Group (GPT) has lifted its full-year earnings guidance and flagged an increase in funds under management to $10 billion.
In a statement to the Australian Securities Exchange, GPT announced a new strategy update which will see the group elevate Total Return to be the primary measure across the business, significantly expand its funds under management (FUM) and maintain a frugal approach to its balance sheet.
"GPT has upgraded its guidance, targeting to achieve growth in earnings per security of at least 6% for the full year and will maintain a distribution payout ratio of 80 per cent of realised operating income," chief executive officer Michael Cameron said.
Mr Cameron added the key to the future success of the business was keeping its portfolio diversified.
“The quality of asset selection will drive long term investment returns regardless of sector, ensuring we access the right opportunities as they become available,” Mr Cameron said.
“In order for GPT to maximise returns from its diversified portfolio, we must recognise value within sectors at different points in the cycle, achieve appropriate sector scale and competency and make stock selection our focus within each sector.”