Praemium announces $3.9 million loss
Portfolio administration firm Praemium has announced a net loss before tax (but inclusive of restructuring costs) of $3.9 million for the 2011-12 financial year.
The loss is down 28 per cent from last year's $5.5 million loss. Revenue and other income remained steady compared to last financial year at $13.1 million.
The group held no debt as of 20 June 2012, with cash reserves of $4.7 million, and basic earnings per share increased by 44 per cent in the 2011-12 financial year.
Praemium chief executive Michael Ohanessian said the group was continuing to move towards its target of profitability via a combination of cost reduction and "revenue enhancement".
"In the UK, for instance, we have managed to increase our funds on the platform by 45 per cent to over 400 million pounds," he said.
"In Australia we will continue to expand V-Wrap's menu features in order to increase its utility to the financial planning and [self-managed superannuation fund] markets," Ohanessian said.
He added that separately managed accounts were likely to become increasingly important under Australia's new regulatory regime "due to their inherent advantages over traditional managed funds".
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