Having discarded its Deakin Financial Services division, DKN Financial Group has joined the long list of publicly-listed financial services providers reporting strong results by recording a 27 per cent lift in earnings before tax and interest of $5.57 million.
The result was reported despite the closure of the company’s dealership division operated by wholly-owned subsidiary, Deakin Financial Services, resulting in a loss and write-down from discontinued operations of $2.56 million.
The company said that, incorporating this loss, the group’s net profit after tax was $1.70 million.
DKN reported that funds under administration had grown by 25 per cent to $2.55 billion and claimed that closure of the dealership division meant group performance would no longer be hampered by poor returns from Deakin.
“Exposure to risks associated with the Deakin business (including Westpoint) are limited to provision made in this year’s accounts,” it said.
