IWL profit up as Sanford integrated
Following its takeover of online broking groupSanford Securities, financial planning software providerIWLhas forecast an earnings figure for the 2002/03 financial year up 150 per cent on that delivered in 2001/02.
The forecast earnings before interest, tax, depreciation and amortisation of approximately $5 million is $3 million above their 2001/02 reported earnings and up more than $2.6 million on this year’s first half.
Thr group forecasts operating revenues in excess of $21 million - up 40 per cent on last year.
The company says the growth comes despite a high level of global uncertainty, particularly in the IT and financial services sectors.
In an announcement to shareholders, IWL advises that a significant amount of activity has already been undertaken to integrate Sanford within the IWL Group.
IWL says that while full integration is anticipated to take some months, details regarding the new IWL operating structure will be released in the next quarter, before the full year announcement in early September 2003.
However the group says the takeover is too recent to provide definite forecasts for the year ending June 2004.
IWL adds that an additional contributor to continued growth in 2003/04 will be a major roll-out of additional Visiplan licenses to ING and is scheduled for next month.
A pilot roll-out of more licences toNational Wealth Managementis also scheduled for the December quarter of this year and will be followed by a significant roll-out in second quarter 2004.
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