Snowball rolls out healthy profit
Listed financial planning firm Snowball Group has increased profits by 500 per cent over the 12 months to December 31, 2005.
This includes a 10 per cent increase in gross revenues per planner over the last six months, rising from $1,035 million in June, to $1,1773 million at the end of December 2005.
Yesterday, the group also announced profits before interest, tax, depreciation and amortisation of just over $1.1 million for the final six months of last year, with funds under advice growing by 71 per cent.
According to Snowball managing director Tony McDonald, the integration of Aspire Financial Services and Dunhill Financial Services — both companies that were acquired in late 2004 — is now complete.
Increased revenues were also derived in insurance sales, due to increased interest from corporate clients.
In addition, the re-engineering of the company’s accountancy business contributed $220,000 to earnings before tax.
Perth-based dealer Western Pacific Financial Group, which is aiming to boost its presence on the eastern seaboard, increased its holding in Snowball from 9 per cent to 19.49 per cent last November, making it the second largest shareholder in the non-bank aligned group.
Private equity group Equity Partners remains the largest shareholder in Snowball.
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