Planning revenue helps WHK to record profit
A 25 per cent increase in recurring revenue from financial planning helped WHK Group post a record overall net profit of $24.41 million for 2006-07, a 12 per cent increase over last year.
The accounting group’s financial planning revenue resulted from a 27 per cent increase in funds under administration (FUA) to $8.52 billion during the year, and a 0.64 per cent increase in the average margin on FUA.
FUA growth by the financial services department in 2007 was underpinned by new business inflows of 38 per cent to $933 million, compared to $674 million for 2006.
Financial services as a department contributed 38 per cent of WHK’s overall profitability, up from 32 per cent in the previous year and 18 per cent three years ago.
Group managing director Kevin White said the group is “ideally positioned to capitalise on the anticipated escalated growth in the burgeoning (superannuation) sector of the financial services market”.
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