GBST posts lower profit but looks to better times

GBST/profits-and-losses/financial-planning/

28 August 2017
| By Mike |
image
image
expand image

Financial services technology provider, GBST has reported a 25 per cent decline in full-year net profit after tax to $7 million.

The company confirmed an earlier announcement to the Australian Securities Exchange (ASX) that earnings had been impacted by increased product development costs to upgrade the group’s wealth administration and capital markets software platforms.

Commenting on the result, GBST managing director and chief executive, Robert DeDominicis said that despite the challenges, the result demonstrated the strength of GBST’s recurring revenue business and “the cash-generative nature of the business”.

The directors declared a final dividend of 2.5 cents fully franked.

Looking over the horizon, DeDominicis said the company expected EBITDA before strategic research and development in product development in the range of $20 million to $25 million for the 2018 financial year.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND