The Aspen Group closes with a share price of 45 cents after announcing a flat full-year profit.

The property investor and funding group began trading at 46 cents per share yesterday. Aspen Group managing director Gavin Hawkins presented the 2010 financial performance of the company later during the day.

The financial report shows a marginal increase from $33.2 million in 2009 to $33.6 million annual profits this year. The profit reflected the company's increased net rental income and reduced corporate overheads.

Hawkins emphasized, though, that the company's financial performance was encouraging. “Aspen's ability to maintain consistent earnings over the past two years, in what is still a challenging economic climate, is a sound endorsement of the Group's business model,” he claimed.

The managing director carries a positive outlook for 2011. He said a growth in earnings is expected due to “a more streamlined executive team and the right platform.”

Disagreements with the company's board prompted co-founder Angelo Del Borrello to resign as managing director in June. Hawkins clarified that the new executive team will consider “acquisitions or corporate opportunities that clearly demonstrate an ability to add value to the group.”

The group is targeting $34 million in operating earnings before tax for the year ahead.