BFG backs technology after solid full-year result
Bell Financial Group has reported a solid 20 per cent increase in full-year net profit after tax of $24.7 million on the back of a seven per cent increase in revenue to $220 million.
In announcement released to the Australian Securities Exchange (ASX) today the company noted the degree to which its full acquisition of online broking business Third Party Platform had paid dividends.
It said it had increased its ownership of the business from 56.63 per cent to 100 per cent, and that the platform was being used by retail clients via Bell Direct and by financial planners and institutions via Desktop Broker.
It said the technology had also been white labelled by HSBC, Macquarie and Bell Potter Online.
Commenting on the result, Bell Financial Group managing director, Alastair Provan said the firm anticipated TPP would be a strong contributor to the Group going forward.
“We expect the acquisition to deliver meaningful regulatory and capital savings, and ongoing operating synergies as TPP’s platform and technologies are rolled out and integrated across the Group,” he said.
Provan said technology represented the key to the firm’s future growth in terms of marketing, business development, compliance, trade execution, clearing and settlement, customer service, price discovery adviser efficiency and education and would deliver efficiencies across all areas of the business.
The directors declared a final dividend of 4.25 per share, fully ranked.
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