Snowball posts 213 per cent profit
Snowball Group has posted net profit of $1.7 million for the year to June 30, a 213 per cent increase on its 2005 profit.
The funds manager and dealer group also posted an increase in funds under administration from $1.1 billion to $1.9 billion in 2006.
EBITDA, a measure of operating profit, was $2.7 million, a 139 per cent increase from 2005, on revenue that increased 55 per cent to $12.9 billion.
Managing director Tony McDonald attributed the result to an “orchestrated blend of organic growth and growth by acquisition, complemented by buoyant investment conditions”.
The group “spent substantial effort on appropriately and efficiently integrating new businesses so as to enhance shareholder value as well as enhancing customer service”, he said.
Two new acquisitions were made during the reporting year, Outlook Financial Planning and QTCU Financial Planning.
“Both had performed well, making a significant contributions to revenue in these results,” McDonald said.
He said the skills acquired in successfully integrating these two acquisitions would be applied to the Western Pacific financial advice business, which Snowball acquired last week.
“The acquisition will enhance our core, specialist financial advice business, leading to further sustained and profitable growth for our shareholders.”
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