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
Two commentators have shared why the inclusion of alternatives in a diversified portfolio shouldn’t be a simple switch with a traditional asset and will depend heavily on clients’ objectives.
Morgans chief executive, John Clifford, has announced he will step down from the wealth management group after eight years leading the business.
Funds under administration on the BT Panorama platform have passed $120 billion in the last six months as it progresses its migration of Asgard into the platform.
Private markets may be the hot topic of the day but two financial advisers have shared the red flags to consider and why advisers shouldn’t be tempted to invest solely in the pursuit of higher returns.
