Profit turnaround for van Eyk Research
Van Eyk Research has delivered a significant profit turnaround in what was a turbulent year for both the financial services industry and the company itself.
The group increased its net profit after tax from just under $54,000 in the 2007/08 financial year to more than $418,000 in 2008/09.
The positive profit result came despite a 2.7 per cent decrease in total revenue, after revenue growth of 8.1 per cent in 2007/08.
Recently-appointed chairman Cameron McCullagh said the result was achieved despite a significant fall in funds under management (FUM) in its Blueprint Series as well as other fund-based revenue streams as a result of the fall in share markets.
FUM in the group’s fund-of-funds investment vehicle, Blueprint, fell from around $1.5 billion to around $1.2 billion, but the product still delivered an increase in revenue of almost $100,000, to $3,495,122 over the year.
The research house broadly maintained the number of its subscription licenses for investment research tool iRate, with the group issuing 5,102 licenses compared to 5,127 in the previous year.
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