DKN posts solid result
Financial services group DKN has posted a solid first-half profit and flagged only a minor downgrading of its position over the remainder of the financial year.
The company reported that net profit after tax was $3.6 million and said that it was on track to deliver a second half profit of at least $5.9 million, down from the previous guidance of $6.3 million.
Commenting on the result and the future outlook, DKN chief executive Phil Butterworth said the company was on track to deliver 7 per cent growth in earnings per share.
“We are extremely pleased with the smooth integration of Lonsdale and Wrap into the DKN Group, which now stands in the market as a significant provider of competitive products and services to the boutique financial planning sector,” he said.
Butterworth said that the company anticipated maintaining total funds under advice of around $9 billion by June 30, despite the current market volatility.
“It is important to recognise that although cycles come and go, people still need to invest and they still need advice, perhaps even more so in volatile markets,” he said.
“The regulatory environment in Australia remains unchanged and the attractive tax status of superannuation underpins growth in our industry.”
AUTHOR
Mike Taylor
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
