SFG announces profit increase
SFG Australia (SFG) has announced an increase in net profit after tax (NPAT) of $13.6 million - a rise of 5 per cent on the prior corresponding period - for its first full trading period following the merger of Snowball Group and Shadforth Financial Group.
Integration of the two entities was on track, with $1.9 million of cost savings arising from the first half of the 2012 financial year, SFG announced in a statement to the Australian Securities Exchange.
Net operating revenue was up 2 per cent to $57.8 million, earnings before interest, tax, depreciation and amortisation (EBITDA) was up 5 per cent to $19.9 million and earnings per share increased 2 per cent to 1.87 cents.
The increases in NPAT, EBITDA and net operating revenue were boosted by several acquisitions during the period, including Western Pacific Cleveland Practice, revenue rights to the Symetry Portfolio Service Platform, and Melbourne-based wealth management firm Jeema, SFG stated.
The NPAT figure excludes one-off costs associated with the acquisitions, SFG stated.
Funds under management grew 6 per cent to $4 billion, funds under administration declined 6 per cent to $9.2 billion, and funds under advice dropped 7 per cent to $10.8 billion.
SFG said the corporate services integration was largely complete, although the IT integration and improvement of platforms was still in progress.
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