Growth in its financial planning SMSF and accounting operations has helped Prime Financial Group post a 33 per cent increase in net after-tax profit for 2008.

The consolidation of core operating activities and a focus on business efficiencies and key growth opportunities also helped the group grow its net profit to $6.8 million from $5.1 million.

Chairman Stuart James said the profit increase “was achieved for a number of reasons, including strong organic growth in revenues across the main service lines, financial planning SMSF and accounting”.

However, he said adverse equity market conditions led to a “negative contribution” from its fund management operations and its listed investments, the Armytage Strategic Opportunities Fund.

He remains confident that “further integration of the planning division and benefit from the scale and simplified focus of its operation” will leave the group well positioned for 2009.

“Growth in new clients continues across the three key growth areas of financial planning, SMSF and accounting, albeit it at a slower pace due to the current market volatility,” he said.