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.
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
