Australian stock broking and financial advisory firm, Bell Financial Group has posted a 16 per cent year-on-year revenue growth in the first quarter.
The total revenue, which amounted to $43 million, was driven by full service retail equities segment, which was the company’s ‘standout performer’ in Q1 with a revenue growth of 32 per cent.
At the same time, Bell Potter Capital net revenue grew by 16 per cent, counting year-on-year, to $2.2 million.
Third Party Platform, which is 57 per cent owned by the group and trades as Bell Direct, managed to increase revenue by 24 per cent to$3.3 million during the quarter.
Bell Direct also held $110 million in client cash and over $11 billion in sponsored assets.
However, the institutional and equity capital markets showed a slower start to the year, with a 21 per cent year-on-year revenue decline to$4.7 million.
Also, futures and foreign exchange revenues were 32 per cent lower, counting year-on-year, and stood at $2.3 million.
The group’s profit before tax for Q17 was $4 million and up 113 per cent on 1Q16.
“We continue to invest in technology, including in our FUSION platform, which provides Bell Potter advisers with a competitive advantage and will be an important driver of future recruitment and revenue,” the company said in the ASX announcement.
“We are pleased with the first quarter results, and remain confident that the Group is well-positioned for future growth.”