GBST posts lower profit but looks to better times
Financial services technology provider, GBST has reported a 25 per cent decline in full-year net profit after tax to $7 million.
The company confirmed an earlier announcement to the Australian Securities Exchange (ASX) that earnings had been impacted by increased product development costs to upgrade the group’s wealth administration and capital markets software platforms.
Commenting on the result, GBST managing director and chief executive, Robert DeDominicis said that despite the challenges, the result demonstrated the strength of GBST’s recurring revenue business and “the cash-generative nature of the business”.
The directors declared a final dividend of 2.5 cents fully franked.
Looking over the horizon, DeDominicis said the company expected EBITDA before strategic research and development in product development in the range of $20 million to $25 million for the 2018 financial year.
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
