Firstfolio reports increase in half-year earnings
Firstfolio has reported a significant lift in its half-year earnings to December last year and expects to report earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately $1 million.
This $1.2 million improvement has been realised from growing economies of scale within its expanded loan portfolio, reduced operating costs and improved yield management across the mortgage-managed loan portfolio.
The half-year result, which includes only two months’ earnings from the eChoice and Domain Financial Services acquisitions, has led Firstfolio to provide full-year 2009 EBITDA guidance in the range of $4.5 million and $5.5 million.
Firstfolio chief executive Mark Forsyth said “on an annualised basis, the increased earnings from the two acquisitions is tracking in the range of $6 to $8 million.”
Firstfolio has delivered double digit revenue growth for the past three financial years, Forsyth said.
“Our loan book now stands at $11.6 billion and we are beginning to see this scale flow through to significant earnings growth.”
In the past 12 months, Firstfolio has successfully integrated a number of acquisitions and distribution joint ventures, Forsyth said.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
