Bell Financial challenged in first year as listed company
Bell Financial Group has seen a challenging 12 months, recording a drop in revenue and net profit tax for 2008 in what was its first year as an Australian Securities Exchange (ASX) listed company.
Financial results presented at its annual general meeting showed Bell’s 2008 revenue down almost 30 per cent to $175.7 million, while its net profit before tax was also down 57 per cent to $21.4 million.
However, over the year the group reduced its overhead expenses by more than 4 per cent to $62.8 million.
Meanwhile, the group’s revenue from equities for the 2008 financial year was down to $110.5 million from $152.2 million in 2007, while its revenue from equity capital markets fell dramatically to $8.8 million from $47 million for the same periods.
“Against the background of declining market volumes, lower values and a sharp reduction in equity capital markets activity, our first 12 months as an ASX-listed company has been challenging to say the least," said Bell managing director Alastair Provan.
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