Snowball Group has stayed in the black for the 2009 financial year, despite a revenue drop of 14 per cent since 2008. The financial services group recorded a profit of $10 million before interest, tax, depreciation and amortisation.
The group’s net profit after tax dropped by 9 per cent, from $5.823 million in 2008. Operating costs, including acquisitions, were up by 2 per cent. Snowball’s funds under management has remained steady at $4.05 billion.
Managing director Tony McDonald attributed the result to effective cost containment measures that reduced the group’s operating expenses, excluding acquisitions.
“This is clear evidence that our proven income stream diversification strategy has brought the company a level of resilience to the tough conditions faced during the year,” he said.
