Accounting services business helps Fiducian result
Diversified financial services group Fiducian Portfolio Services has acquired three small financial planning practices and is focused on acquiring accounting practices, despite holding some concerns about risks flowing from the Future of Financial Advice changes.
Announcing a consolidated net profit after tax of $2.21 million to the Australian Securities Exchange this week, the company also pointed to seeking to grow its accountancy servicing business, and increasing its presence in the self-managed superannuation funds (SMSFs) arena.
The company said that while it remained cautious, it was confident it was in good shape to take advantage of improving economic and financial market conditions.
The company appeared particularly pleased with progress with respect to its business initiative - Fiducian Business Services - which was established to provide support to accountants for book keeping, accounts keeping and SMSF administration.
Fiducian said the new business had met its revenue targets and profit expectations in its first year despite substantial changes in operating procedures.
"We are in negotiations to expand this area of our business through acquisitions," it said.
Commenting on the result, Fiducian managing director Indy Singh said the board expected profits to continue as the management focused on expanding its ranging of business activities and realised the full potential of financial planning, platform administration, investment management, information technology and business/accounting services.
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