AustChoice profits surge ahead
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.
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