DKN Financial Group reports loss of $11 million
DKN Financial Group has reported a loss of more than $11 million as a result of impairment charges, despite a profit of $6.2 million for the year, according to its financial year results.
Its funds under advice (FUA) dropped by 16 per cent to $6.8 billion over the past year, with net platform inflows of $348 million during the same period. The group’s revenue dropped by 3 per cent to $24.1 million.
DKN’s product solutions had a negative impact on FUA, with net outflows of $46 million due to redemptions and a reluctance to invest.
Lonsdale Financial Group incurred impairment charges of $5.6 million during the year while delivering revenue of $8.5 million.
The performance of the group was very satisfactory considering the extreme difficulties of the investment market, the board said. However, the second half of the financial year was positive and DKN would profit from more stable market conditions in the future.
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