Big improvement sees Sanford still in red
By David Hovenden
Onlinefinancial services groupSanfordhas reported a loss of $1.7 million for the 2002 financial year, representing a significant improvement on the previous year’s loss of $54.6 million.
“We’re obviously still not happy that we haven’t turned a profit ... but we believe that we’re heading in the right direction,” Sanford chief executive Steven Goh says.
The company’s outlook has improved, thanks to a 34 per cent increase in revenue to $20.7 million, and ordinary expenses at $22.4 million, which are only 32 per cent of the previous year’s $70.1 million.
This massive reduction in costs was due to a one-off write down of goodwill that the company received after its initial listing, Goh says.
He says the result demonstrated that Sanford continues to track in the right direction and was benefiting from continued strong revenue growth and strict financial management.
“The board and management of Sanford are focused on the ongoing roll out of improved financial products and services,” Goh says.
“The marked improvement over the 2001 operational result was achieved against the backdrop of a poor performing market.
“Sanford is looking forward to improved market conditions and continues to commercialise its financial service technology. Sanford’s board and management remain focused on increasing value for all shareholders,” Goh says.
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