Sanford records second half loss
Financial services provider and online broker Sanford Ltd has reported a $17.9 million loss for the six months to December 31, 2000.
The Perth-based company, which listed on the Australian Stock Exchange last August, says the $7.2 million loss relates to operational activities.
The group also attributes $10.7 million to an abnormal item, the non-cash write down of goodwill.
Sanford chief executive Steven Goh says the group has sufficient cash reserves and is confident it has executed the measures needed to control and in turn reduce its cash outflow.
Goh says the funds relating to operating activities, which total $8.6 million, more than $2.0 million relates to a general reduction in net creditors during the second half of last year.
He says that of $8.6 million outflow of funds relating to operating activities, $2.0 million pertains to a general reduction in net creditors during the period.
"To some extent our reported revenue for the period is distorted as it does not include $700,000 pertaining to the period prior to the pre-acquisition of Sanford Securities by Sanford Ltd in July 2000," Goh says.
"We have increased the quality and level of revenue from our different business units with more than 50 per cent of revenue generated from our non-online broking services," he says.
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
