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
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
