WHK profit down 42 per cent
WHK Group has posted a net profit after tax of $10.2 million for the 2011-12 financial year - down from $17.8 in the previous financial year.
Financial services revenue was down 6 per cent to $91.6 million, which WHK managing director John Lombard said was a "solid result, given the ASX All Ordinaries was down 11 per cent and retail investors continued to maintain overweight cash positions or defer retirement".
The group also incurred one-off project implementation costs of $11.9 million related to an ongoing business transformation.
The changes to the business include a new remuneration model for principals (effective 1 July 2012), the migration of functional support to a centralised 'group shared services' environment (March to October 2012) and the restructure of the group leadership team in May 2012.
The group's overall revenue for the financial year was $413.4 million - up 2 per cent on the prior corresponding period.
Australian business services revenue was up 4 per cent to $267.2 million, and New Zealand business services revenue was up 5 per cent to $59.1 million.
Normalised earnings before the deduction of interest, tax and amortisation expenses was $36.6 million - down from $40.9 million.
WHK will maintain its full year dividend of 7 cents per share.
"In 2013 the group will focus on organic revenue growth, tightly maintaining cashflow and shifting our business mix to more advisory services," Lombard said.
"The group's business transformation projects - which are expected to be completed by end October 2012 - will provide immediate benefits and lay strong foundations to support and drive the next phase of organic growth," he said.
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