IWL talks up possible earnings

IWLhas today claimed the company is on track to achieve an increase in operating earnings in excess of 100 per cent for the financial year ending 30 June 2003, as compared to the previous corresponding period.

According to IWL, the current operating earnings of the company for the six months to the end of December exceed $2 million, more than full year result for the last financial year and up on the first half of last year by more than $2 million.

These figures exclude what IWL describe as ‘non-recurring expenses’ associated with the failed merger with Iress and costs related to the group’s takeover bid forSanford Securities.

In a report released by IWL, unaudited preliminary financial results to 31 December 2002 show operating revenues from the group’s continuing businesses amount to approximately $9 million, up 40 per cent from the year before.

The report also says the group’s operating expense have increased by no more than 10 per cent compared to the corresponding period last year.

IWL’s confidence in its ability to meet these substantial growth targets has its origins in “the continued rollout of VisiPlan licences to major corporate clients such asING, further sales of financial planning software, InvestorWeb Research and VisiWeb, and from the continued commercialisation of FundLink, IWL’s new web-based infrastructure and technology messaging systems,” the report states.

The news comes as IWL begins its takeover bid for online broking group Sanford.

IWL, which already owns 20 per cent of Sanford, will offer Sanford shareholders either one IWL share or $0.19 for each Sanford share.

IWL is expected to announce the full details of its financial performance for the six months to 31 December 2002 in mid-February.