Count Financial profit down
Accountancy-based dealer group Count Financial has continued to struggle in the tough market conditions, reporting a 46 per cent decline in net profit after tax to $5.84 million for the half year to December 31.
The company reported to the Australian Securities Exchange today that net profit before tax had been $16.3 million, down 9 per cent on the previous corresponding period, with earnings before interest and tax down 20 per cent to $12.27 million.
Count revised its profit guidance saying following the continued market downturn since its annual general meeting in November, management now expects 2008-09 earnings before interest and tax to be down marginally more than 20 per cent.
However, the company said it was continuing to perform well in difficult market conditions, especially considering the previous corresponding period included the peak of investment markets.
Count said funds under advice in preferred platforms had declined by 24.7 per cent over the last 12 months and totalled $10.74 billion.
Dealing with its investment in mortgage broker Mortgage Choice, Count said since purchasing its 15.2 per cent stake general economic and market conditions for mortgage broking had continued to deteriorate.
"Count expects to see increased rationalisation of all sectors of the financial services industry," it said.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Riley James, founder and chief executive of fintech SuperAPI, about creating a superannuation ecosystem and potential changes from the Quality of Advice Review.
