Sanford records $54 million loss
By Kate Kachor
Financialservices group Sanford has recorded a loss of more than $54 million for the 2001 financial year, despite achieving a positive cash flow for the first time in August.
In its preliminary final report, Sanford disclosed a $54.6 million net loss for the 2001 financial year and an operational loss of $11.8 million. The remainder of the net loss figures results from Sanford’s decision to write off intangible assets. The biggest item was a $42.8 million write off of goodwill.
Revenues from operational activities for the year totalled $15.5 million, an increase of nearly 60 per cent over the previous year, although they were substantially impacted by a decline in global market activity, lower overall trading volumes and a decrease in new issues.
Sanford’s outlook for the 2002 financial year is positive. The group predicts there will be continuing benefits from the internal restructure, which refocused core businesses and substantially reduced costs.
It also expects its Virtual Broker Platform and other Internet-enabled financial services to carry the company into profitability.
Recommended for you
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
