Snowball rolls a solid profit
Financial services business Snowball Group has posted a solid first-half profit, recording an 18 per cent revenue growth, which the firm expects to maintain for the remainder of the financial year bolstered by recent acquisitions.
Commenting on the result and the future outlook, Snowball managing director Tony McDonald said despite a softening of investment markets towards the end of 2007, financial planning revenue growth remained strong.
“Delivering superannuation advice constitutes a significant chunk of our business. Given its preserved nature, superannuation money is not as susceptible to the impact of negative customer sentiment during periods of market volatility. When you add in the fact we maintain diversified portfolios on behalf of clients, we’re in a good position to reduce the impact of equity market downturns, which in turn translates into protection, and indeed growth, of funds under advice,” McDonald said.
Snowball acquired equity stakes in three more New South Wales-based financial planning practices, Money Management reported earlier this month, which added to its funds under advice by about $200 million bringing total funds under advice to more than $4.2 billion.
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