Bell Financial finishes down
Bell Financial Group has emerged as the latest financial services player to report an annual result significantly impacted by the latest market turmoil, with net profit down by more than 50 per cent to $14,437,000.
The company told the Australian Securities Exchange that its revenues and profits had been directly impacted by the significant decline in share market values and the reduction in share trading volumes and equity market activity during the period.
Bell Financial chairman Colin Bell said the group’s first year as a listed company had been tough but that it managed to finish the year with its balance sheet intact, no operating debt in the core broking business and no significant asset write-downs.
“The growth in revenue for our futures and foreign exchange business has been pleasing for the group,” he said. “I am also pleased to report that Bell Potter Capital, which provides our in-house margin lending and cash products, became profitable towards the end of the year.”
Bell said as a group, the company expected further consolidation in the industry as revenues contract and as some of the larger global investment banks question doing business in the Australian market and as some of the smaller brokers reflect on the ASX’s new capital requirements.
AUTHOR
Mike Taylor
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