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
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
