Deakin forecasts $1.9 million loss
Financialplanning providerDeakin Financial Serviceshas forecast a $1.9 million loss in its preliminary final report for the year ending June 30, 2003.
The group says professional costs incurred in the continuing negotiations withAustChoiceover a possible acquisition of the business contributed significantly to the loss.
Deakin also says adverse investment market conditions and a reduction in retail net inflows into the funds management industry contributed to the loss as growth stalled in the second half of the financial year.
On recognising there would be a profit shortfall, Deakin undertook a cost reduction strategy to align costs with revenues, resulting in operating performance back to break-even in July and August.
Despite the poor profit forecast, Deakin says the business still remains in a sound financial position, with cash resources at over $6 million. The group says the possible merger with AustChoice would further enhance this outlook.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.