Bell breaks profit record

Bell Financial Group has announced its annual results for the financial year ended December 31, 2007, reporting a $35.3 million profit after tax, 8.5 per cent above its pro forma prospectus forecast.

After a strong final quarter for the 2007 financial year, the group exceeded the prospectus pro forma forecast profit before tax of $46.6 million by 8.6 per cent to $50.6 million and pro forma forecast profit after tax by 8.5 per cent to $35.3 million. The better than expected result was due to increased corporate fee income and higher than forecast brokerage revenue in the final quarter.

The group generated revenues of $250 million for the 2007 financial year, 9 per cent above the prospectus pro forma forecast of $231 million.

Bell Financial Group executive chairman Colin Bell presented the group’s first annual report since being listed on the Australian Stock Exchange in December.

“The transformation from a private to public company has helped to underpin our success and provides many opportunities for growth. Importantly, it has enabled us to extend share ownership across the employee base to attract, retain and reward outstanding staff. It has also allowed us to offer clients participation in the success and future growth of the group,” he said.

“We are delighted by the results that we have achieved over the past 12 months. An important part of our growth strategy has been the expansion of our product range to include cash management and margin lending, and to build upon the success of our existing portfolio administration and superannuation services.”