Count weathers volatility
The market volatility that marked the last half of calendar 2007 appeared to have little impact on major dealer group Count Financial, which today reported a record first half result with operating profit up 26 per cent to $15.32 million generating a second interim dividend of 2 cents.
The company reported a net after tax profit of $10.74 million for the six months ending December 31, a 13 per cent increase on its first half result the previous year.
The result prompted Count to maintain its previous guidance that full year earnings before interest and tax, based on the current challenging market conditions, should be no less than $34 million — an increase of 17.5 per cent.
However, it said if markets failed to recover in the next six months, 2008-09 would also be another year of sub-20 per cent profit growth.
Count reported a 16 per cent rise in net fees and commissions on the back of what it described as strong superannuation and share market and continued growth in non-share market related revenue such as loans, leasing and insurance.
AUTHOR
Mike Taylor
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