AustChoice profits surge ahead

cent/planners/

7 September 2001
| By John Wilkinson |

Financial planning dealer group AustChoice has reported a massive 260 per cent leap in operating profit for the year ending June, 2001.

The profit of $2.05 million was achieved on strong revenue growth for the final six months of the year. Revenue for the year was $2.63 million.

AustChoice managing director Roger Gumley says the strong revenues have been achieved due to increased use of the company's products by planners.

"This has been another very strong period for AustChoice as more planners using our expanding range of products and services has resulted in our recurring revenue growth," Gumley says.

"We have turned this revenue growth into a substantial increase in operating profit which is paid to AustChoice adviser shareholders as dividends."

Advisers, who own 80 per cent of AustChoice, will receive a second-half dividend of $777,800, which will bring the full-year dividend to $1.35 million, an increase of 272 per cent on the previous year.

Gumley says the strong 2001 performance is in-line with the company's five-year business plan.

"Funds under administration are now more than $1 billion and we are on target to achieve our figure of more than $2 billion of funds by the end of the 2002 financial year," he says.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND