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 discuss the corporate regulator’s recent discussion paper looking into the rapid growth of private markets and the role of superannuation funds in this “opaque” sector.
On this episode of Relative Return Unplugged, host Maja Garaca Djurdjevic is joined by AMP’s chief economist Shane Oliver to break down the Reserve Bank of Australia’s long anticipated rate cut to 4.1 per cent.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford, along with special guest Liam Garman, break down the economic landscape ahead of the Reserve Bank’s highly anticipated first rate call of 2025.
In this episode of Relative Return, host Laura Dew chats with David Russell, chair of the Transition Pathway Initiative, and Tony Campos, head of sustainable investment at FTSE Russell, about the intricacies of climate investment.
