Wilson HTM profits still in negative territory
Investment group Wilson HTM has posted a net profit loss of $1.6 million, with the group's revenue figures also taking a hit.
The result, however, is an improvement on last year's loss of $7.6 million.
The group's securities business, which comprises capital markets and wealth management, continued to be negatively impacted by volatile equity markets and cautious investor sentiment, according to acting CEO Sandy Grant.
The group's strong performance in funds management, notably from Pinnacle and its boutique fund managers, was extremely pleasing, Grant said.
"The group weathered a number of challenges in the 2013 financial year and, in this context, the lower loss for the full year and recording a profit after tax for the [second half of 2013 financial year] represents a positive trend," Grant said.
"However, the securities business' performance remained at unsatisfactory levels and steps are being taken to accelerate the return to profitability of this business.
"We are currently working to further simplify the business, to reduce costs and broaden the engagement of key staff in leadership activity."
Wilson HTM's wealth management business delivered a loss of $4.6 million, which was reflected in funds under management being 12 per cent lower, on average, compared with the prior year.
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