Sanford records $54 million loss
By Kate Kachor
Financialservices group Sanford has recorded a loss of more than $54 million for the 2001 financial year, despite achieving a positive cash flow for the first time in August.
In its preliminary final report, Sanford disclosed a $54.6 million net loss for the 2001 financial year and an operational loss of $11.8 million. The remainder of the net loss figures results from Sanford’s decision to write off intangible assets. The biggest item was a $42.8 million write off of goodwill.
Revenues from operational activities for the year totalled $15.5 million, an increase of nearly 60 per cent over the previous year, although they were substantially impacted by a decline in global market activity, lower overall trading volumes and a decrease in new issues.
Sanford’s outlook for the 2002 financial year is positive. The group predicts there will be continuing benefits from the internal restructure, which refocused core businesses and substantially reduced costs.
It also expects its Virtual Broker Platform and other Internet-enabled financial services to carry the company into profitability.
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