Phil Butterworth
DKN Financial Group Limited has downgraded its profit guidance for the current financial year.
The company has told the Australian Securities Exchange that recent market volatility has impacted funds under advice and that the overall group had experienced a net reduction in net profit after tax of 10 per cent, with the result that guidance for the six months to June, this year, had been revised down from $5.9 million to $5.3 million.
The company’s announcement said that DKN’s business had been significantly strengthened by the successful completion of the Lonsdale acquisition, which had resulted in the number of core practices accessing DKN’s service doubling from 150 to 300.
DKN chief executive Phil Butterworth said all other aspects of the business were growing.
