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 Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the latest shock consumer price index numbers, which rose to 3.8 per cent in October, as well as the shifting US market and calls for super funds to invest in infrastructure projects.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the Reserve Bank of Australia’s cautious stance in response to persistent inflation, subdued growth prospects, and political shifts affecting the nation’s journey towards net zero emissions.
In this episode of Relative Return, host Laura Dew speaks with Rachel White, head of financial adviser services at Vanguard about how advisers can help Australians to feel confident in retirement.
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina take a look at the Reserve Bank’s unanimous decision to leave rates on hold on Melbourne Cup Day and whether future cuts are still on the cards.
