Aust Unity result bolstered by FP acquisitions
Australian Unity's financial planning and estate planning acquisitions over the past 18 months have paid dividends for the company, according to its full-year results released to the Australian Securities Exchange today.
The results, revealing a 22.4 per cent increase in profit before tax to $42.9 million on the back of a 7.5 per cent increase in revenues to $1.4 billion, also pointed to the Australian Unity Personal Financial Services business increasing earnings before interest, tax, depreciation, and amortisation increasing by 70 per cent to $3.9 million.
Dealing specifically with the Personal Financial Services business, the Australian Taxation Office announcement pointed to the outcome being strengthened by the company's strategic acquisitions with funds under advice increasing 70.2 per cent to $5.9 billion.
Commenting on the outcome, Australian Unity group managing director, Rohan Mead said it had been a year of strong growth and activity for the Personal Financial Services business.
He pointed to the acquisitions of Premium Wealth Management, Waratah Insurance Brokers, and Flinders Australia as having bolstered the business in a number of strategic operational areas.
"This acquisition activity adds to the existing strength of its position regarding opportunities emerging from the very significant regulatory and environment impacting the financial advice sector," Mead said.
Discussing the Premium Wealth Management acquisition, he said that it meant that Personal Financial Services now had 183 advisers, 102 financial planning practices, and 22 mortgage brokers.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
