Sanford brings home the bacon for IWL
By Craig Phillips
IWL has reported a significant turnaround in its financial earnings this year, due largely to a buoyant stock market boosting its now fully integrated online broking arm — the Sanford Group.
IWL reported last week that Sanford contributed 79 per cent to the firm’s pre tax earnings.
The technology group posted a strong turnaround in net profit, with a figure of $4.9 million, up from last year’s $472,000.
IWL chief executive Otto Buttula says the result was achieved despite a large amount of capital being invested in enhancing its planning software and developing straight through processing capabilities for CreditSuisse’s new MasterWrap product.
“We’ve got an accelerated development program on our adviser software product that’s been ongoing for 12 months, and obviously is impinging on our potential profitability, but broadening the product base should guarantee future revenue streams,” Buttula says.
The group will roll out the latest version of VisiPlan in October — version seven — that includes an overhaul of the user interface and closer integration of the key functionality of BizmaX.
The group’s operating revenues jumped from $24.6 million to $46.6 million.
As predicted earlier in the year, IWL’s earnings before interest, taxes, depreciation and amortisation (EBITDA) were up almost 100 per cent after growing from $5.38 million to $10.85 million.
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