WHK’s growth drives profit

WHK Group’s financial services division has emerged as the major contributor to a record net profit after tax of $24.41 million — up 12 per cent over the previous year.

The profit was achieved on the back of a 21 per cent increase in operating revenues to $303.33 million.

The company said member firms had continued to grow and perform strongly across all major services lines, with operating profit, represented by earnings before interest, tax, amortisation of intangible and non-recurring assets, rising by 18 per cent to a record $40.50 million.

Looking specifically at its financial services group, the company said it continued to achieve exceptional growth and performance, contributing 38 per cent of profitability at a firm level, up from 32 per cent the previous year and 18 per cent three years ago.

It said operating revenue within the financial services group increased by 23 per cent to $86.26 million, mainly as a result of strong organic revenue growth of approximately 20 per cent. Funds under advice climbed 27 per cent to $8.52 billion while new business inflows increased by 38 per cent to $933 million.

Looking at the current financial year, the directors said the outlook was strong, with continued organic growth expected in financial services.

It said the group intended to continue pursuing new business acquisitions where strategic opportunities were identified in keeping with the group’s focus on selectively expanding its distribution base.