Bravura earnings up, profit down
Big financial services platform provider, Bravura Solutions, has validated its expansionary strategy by posting a solid 87 per cent increase in earning, albeit that its net profit after tax took a hit declining 55 per cent to $1.594 million.
Commenting on the result, Bravura chief executive and managing director Iain Dunstan said the company’s business plan and its ongoing successful executive had been clearly demonstrated in a number of key areas.
“We have successfully delivered on our major new platform with Perpetual, which is already attracting new business interest from other financial service companies who have become more focused on cost control in the current market environment,” he said.
“Our cashflows are strong, and we have had four major new client wins including an extension of the BNY Mellon contract out to 2013,” Dunstan said.
He said the company was on track to meet its 2008 financial year forecasts and confirmed its revenue and earnings guidance of approximately $26 million to $29 million.
“There are clear tends in the industry which place Bravura on a solid footing going forward,” Dunstan said.
“We are seeing significant changes in the global wealth management market and an increased focus on back-office costs and the incentive to outsource.”
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford break down some of the legislation that passed during the government’s last-minute guillotine motion, including the measures to restructure the Reserve Bank into a two-board system.
