DKN achieves 77 per cent profit increase
Phil Butterworth
DKN Financial Group has announced a net profit after tax for the year of $8.67 million, representing a 77 per cent increase from the previous year’s results, but admits current market conditions have been challenging.
In a report to the Australian Securities Exchange, DKN said that while it was able to maintain strong net inflows of $451 million for the half year to June 2008, they were ‘more than offset’ by the negative market returns.
However, it added that its acquisitions of Lonsdale Financial Group and Wrap Account in November last year were successful in strengthening its position in the marketplace, albeit increasing operating costs.
In terms of an outlook for the group, DKN chief executive Phil Butterworth declined to provide one, claiming “precise forecasts are difficult beyond stating that we believe we can continue to perform at current levels even in prevailing markets”.
He added that DKN was well positioned to leverage a more stable market condition.
DKN expects to deliver a fully franked final dividend of 3.5 cents per ordinary share in late September.
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