Deakin reports massive loss
Deakin Financial Services has reported a total net loss of more than eight million dollars in the group’s six monthly results, as posted on the Australian Stock Exchange (ASX) on 16 March 2001.
According to Deakin chairman John McConnell's report, the half year loss of $8,808,000 reflects the groups business restructure from a securities trader to an integrated financial services provider, and the difficulties associated with the change.
Since November the Deakin board has added three new directors along with other changes to the group's management team. More recently, former Tyndall Australia managing director Rob Hunwick has joined the Deakin board and Derek Russell is the new company secretary, while Stephen Gillion has tendered his resignation from the board.
As part of the restructure Deakin has disposed most of its investment portfolio as at 31 December 2000, and plans to close two non-core businesses, Deakin Stockbroking and Ozzie Shopper.
Commenting on the loss McConnell said in the report that the result, while disappointing, reflects the board's decision to take a conservative view of the assets and the writedowns should provide a sustainable platform for the group's future.
AUTHOR
Nicole Szollos
Recommended for you
In this episode of Relative Return, host Maja Garaca Djurdjevic is joined by shadow treasurer Angus Taylor to discuss the current state of the financial advice sector, the economy, the housing affordability crisis and more.
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.
