Argo forecasts modest growth in year ahead

ARGO Investments expects Australian companies to post only modest growth in the year ahead as the nation's economy slows.

As it reported a 4.6 per cent rise in full year net profit to $175 million, the investment firm warned that a slowing domestic economy was likely to hamper Australian company earnings in the 2013/14 financial year.

"We do not expect strong earnings growth from Australian companies over the coming year and, therefore, predict only modest dividend growth," chief executive Jason Beddow said.

"However, we believe the overall yield available in the Australian equity market remains attractive."

Macquarie Group was among the best performing stocks in Argo's portfolio, even though its stake in the financial services player was reduced.

Argo increased its holdings in ANZ bank and retail giant Wesfarmers as part of $224 million spent on investments.

It sold holdings in building products and garage door maker Alesco Corporation, Australian Infrastructure Fund, Consolidated Media Holdings and Hastings Diversified Utilities Fund.

Argo held investments in 98 companies during the previous financial year, with the 20 largest firms in the portfolio accounting for 63 per cent of total assets and 64 per cent of income.

Argo shares gained four cents to $6.99.

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