Snowball grows profit ahead of merger benefits
Financial services group Snowball has reported a 48 per cent increase in profit before tax for the six months ending December 31 at the same time as declaring that its merger with Western Pacific is now complete.
The results are significant because they relate to Snowball’s performance before the Western Pacific merger.
The company reported its 48 per cent increase in operating profit to $1.383 million on the back of a 37 per cent increase in revenue to $7.941 million.
The company made clear that it would be continuing to pursue a strategic of both organic and inorganic growth across both its Outlook Financial Solutions financial advisory business and Western Pacific.
With respect to organic growth, the company said it would be acquiring businesses that fit within the Outlook channel, and dealer groups that could leverage off the Western Pacific ‘franchise’ systems.
It said it would also be looking to enter into joint venture arrangements with external advice businesses typically owned by financial services institutions such as credit unions.
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Mike Taylor
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