HFA downgrades earnings guidance
HFA Holdings Limited has downgraded its earnings guidance for the current half year.
In an announcement released on the Australian Securities Exchange this week, HFA said it expected to report earnings before interest, tax, depreciation and amortisation of between US$3 million and US$4 million, compared to US$10 million for the corresponding period last year.
It said the expected decease was a result of a significant drop in product investment performance fee revenue due to volatility in global markets; an increase in non-cash equity settled transaction expense; a one-off expense relating to a reduction in staff following a restructure of the Australian Certitude business; and a review of the compensation structure to ensure staff were remunerated in line with industry standards.
It said group assets under management or advice stood at US$6.03 billion as at October, 2011, compared to US$5.13 billion for the half year ending 31 December, last year.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
