GBST posts lower profit but looks to better times
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.
Recommended for you
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
