Count Financial profit down
Accountancy-based dealer group Count Financial has continued to struggle in the tough market conditions, reporting a 46 per cent decline in net profit after tax to $5.84 million for the half year to December 31.
The company reported to the Australian Securities Exchange today that net profit before tax had been $16.3 million, down 9 per cent on the previous corresponding period, with earnings before interest and tax down 20 per cent to $12.27 million.
Count revised its profit guidance saying following the continued market downturn since its annual general meeting in November, management now expects 2008-09 earnings before interest and tax to be down marginally more than 20 per cent.
However, the company said it was continuing to perform well in difficult market conditions, especially considering the previous corresponding period included the peak of investment markets.
Count said funds under advice in preferred platforms had declined by 24.7 per cent over the last 12 months and totalled $10.74 billion.
Dealing with its investment in mortgage broker Mortgage Choice, Count said since purchasing its 15.2 per cent stake general economic and market conditions for mortgage broking had continued to deteriorate.
"Count expects to see increased rationalisation of all sectors of the financial services industry," it said.
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Mike Taylor
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