Snowball grows profit ahead of merger benefits
Financial services group Snowball has reported a 48 per cent increase in profit before tax for the six months ending December 31 at the same time as declaring that its merger with Western Pacific is now complete.
The results are significant because they relate to Snowball’s performance before the Western Pacific merger.
The company reported its 48 per cent increase in operating profit to $1.383 million on the back of a 37 per cent increase in revenue to $7.941 million.
The company made clear that it would be continuing to pursue a strategic of both organic and inorganic growth across both its Outlook Financial Solutions financial advisory business and Western Pacific.
With respect to organic growth, the company said it would be acquiring businesses that fit within the Outlook channel, and dealer groups that could leverage off the Western Pacific ‘franchise’ systems.
It said it would also be looking to enter into joint venture arrangements with external advice businesses typically owned by financial services institutions such as credit unions.
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Riley James, founder and chief executive of fintech SuperAPI, about creating a superannuation ecosystem and potential changes from the Quality of Advice Review.