Bridges Financial Services was the major revenue contributor for Australian Wealth Management (AWM), helping propel the company to a net profit after tax of $6.1 million for the year ending September 30, 2005.
AWM today reported consolidated revenues from ordinary activities of $115 million, of which Bridges contributed a majority 56 per cent or $64 million.
The net profit after tax result of $6.1 million means AWM beat its Scheme Book forecast profit of $4.0 million by a massive 53 per cent. The most recent revised profit estimate was also surpassed by 5 per cent.
“These results are pleasing, especially as the focus has been on reinvigorating the business and setting up for growth going forward,” said AWM managing director Andrew Barnes.
“We have taken the opportunity to streamline support functions, shift focus to profitable new business ahead of volume, as well as reduce expenses,” Barnes added.
Former owners of AWM, Tower, also released annual financial results showing it had outperformed its forecast profit as well.
The sale of AWM for $NZ23 million helped Tower to a 79 per cent increase in annual net profit to $92 million for 2004-05, at the upper end of it forecast range announced earlier this month.
Tower had forecast an operating result between $37.5 million and $40.4 million.
Net profit before revaluations, amortisation and revenue from the spin off of AWB rose 67 per cent to $40.1 million.
