Tribeca says it has exceeded its financial forecasts by more than 12 per cent, with an earnings before income tax, depreciation and amortisation of $1.6 million, in its result for the 2002 financial year.
Tribeca managing director Adam Davis says the result was in part boosted by the group’s education arm Integratec Training, which benefited from the industry having to comply with education requirements under the Financial Services Reform Act (FSRA).
Davis says the group would continue to generate significant revenues from the provision of education services and that enrolments in the group’s DFP equivalent course had not dropped.
“June 30 has been seen as the finish date in education for many planners but in fact it is the start as continuing education will become an issue going ahead,” Davis says.
The other strong performer for the group was it’s compliance arm which generated 25 per cent of revenue as planners moved to ensure they were compliant with the strictures of the FSRA while the group’s technical arm, which offers ongoing education, was also a driver for revenue growth.
The group also almost doubled revenues on their previous year record, bringing in $12.8 million. Tribeca had a net profit of $863,000, which included depreciation and amortisation charges of approximately $1 million.
Davis says the results were also boosted by the integration of the group’s third acquisition, Integratec Paraplanning. He adds that Tribeca will be looking to make further acquisitions as well as continue to further develop new products and services to meet market demand.
“At 30 June 2002 Tribeca had cash reserves of approximately $9 million to apply to achieving this end, and we aim to be a leading consolidator of back office services. At the moment there is no one stop for these services as the industry is very fragmented but we hope to fill this space,” he says.
The group’s most recent purchase, Resnik Communciations, was not included on the group’s figures but is expected to contribute $800,000 to the figures for the current financial year. Davis says Tribeca planned to double its most recent figures in 2003.
He says this would come about not only through the conference business of Resnik Communications but also through the newly launched business, Integratec Initiative, which would offer branding and marketing services to financial advisers.
