WHK back in the black
Financial services group WHK has reported a solid first half and a return to profitability.
The company announced to the Australian Securities Exchange (ASX) today that net profit had climbed to $16.2 million during the half from a previous net loss of $2.7 million, built in large part on a stronger financial services result.
The result saw the director declaring an interim dividend of two cents per share fully franked.
Commenting on the outlook, the company’s managing director, Kevin White, said cash flow was expected to remain strong in the second half, with a further significant reduction in net debt being anticipated.
“Both business services and financial services are expected to be ahead of second half last year,” the company’s announcement said.
Drilling down, the company’s data revealed a 12 per cent decline in the level of new business being written with respect to financial planning and a 10 per cent decline with respect to ongoing financial planning revenues.
However, the company reported increases in terms of funds under management and advice.
AUTHOR
Mike Taylor
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