AGF Management Ltd. reported solid financial results for fiscal 2005. Net income for the 12 months ended Nov. 30, 2005 was $91.8 million, an increase of 19% from $77.3 million in fiscal 2004.

AGF also announced a 20% dividend increase on Class A voting common and Class B non voting shares from 15¢ per share to 18¢ per share.

For the year ended Nov. 30, 2005, AGF’s cash flow from continuing operations (before net change in non-cash balances related to operations) rose 11% to $217.2 million, or $2.40 per share, compared with $196 million or $2.14 per share in fiscal 2004.

Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations was up 4% to $244.8 million in 2005 from $235.7 million for the year ended 2004.

Revenue also increased, rising 1.5% to $594.4 million.

“After implementing our significant strategic refocusing last year, we have now this year begun to reap the rewards,” said Blake Goldring, president and CEO, in a release. “We experienced steadily improving mutual fund sales figures, strong growth in Institutional and AGF Private Investment Management assets under management and continued growth in our trust business.”

Total assets under management reached $34.1 billion, which is 8.8% higher than the end of 2004.

In the Trust Company Operations segment, mortgage loan assets rose 93.4% during the fiscal year and consumer loan assets rose 99.9%.

During the year, AGF sold Unisen, AGF’s third party administrative services subsidiary, to Citifinancial Canada Inc. for $114 million (US$97.5 million). The sale resulted in an accounting gain of $15.6 million, net of tax being included in net income. With the proceeds of the sale, AGF eliminated its long-term bank debt.