Austock looks to leaner future after $20 million loss
Austock recorded a net loss of $20.9 million for the 2008-09 financial year, following a $100,000 profit in the previous year.
The group’s annual report showed revenue fell by 43.3 per cent to $40 million from the $70.6 million generated in 2008.
During the 2009 year Austock said it stripped “unprofitable businesses”, including Austock Asset Management and Australia Pacific Exchange, and plans to enter 2010 with a “leaner, cleaner and simpler” model.
Despite Austock’s result for the year, the company said it saw enhanced market activity in the fourth quarter, with its directors hopeful for a return to profitability in 2010.
Meanwhile, there were more positive results for Austock’s private wealth business, with the addition of six private client advisers to its Sydney and Melbourne offices over the year.
Over the 2008-09 financial year, the group also saw the financial planning team’s funds under management reach $130 million in what was the team’s first year in operation.
Austock’s total funds under management remain stable at $972 million, according to the company.
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