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.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford is joined by Accountants Daily journalist Imogen Wilson to take a look at why there has been such broad support for a more comprehensive tax reform discussion at the Treasurer’s economic roundtable.
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.
