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 the latest episode of Relative Return Insider, hosts Maja Garaca Djurdjevic, Shane Oliver, and Keith Ford unpack the twists and turns of today’s markets – from credit rating agencies navigating global uncertainty to simultaneous dual IPOs.
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
