IWL forecasts growth in earnings
TheIWLgroup has forecast operating earnings of $5 million for the year ending June 30, a figure $3 million greater than last year and more than $2.6 million up on the first half.
The $5 million figure doesn’t include expenses relating to the discontinuedIressmerger integration and costs for theSanfordtakeover, but does include up to two months contribution from the acquired group.
The group expects operating revenues to pass the $21 million mark, a 40 per cent increase from a year ago.
Directors of IWL say the group is “on track to achieve solid growth for the financial year ending June 30 2003, as compared to the previous corresponding period”, and while the recent Sanford takeover makes it too early to provide forecasts on the year to June 2004, initial indications show the newly combined business will record solid growth.
The group says that looking forward, contributors to further growth will include a continued rollout of VisiPlan licences toINGcommencing in July, as well as the start of a pilot rollout toNational Wealth Managementin the December quarter with continued rollout in the second half of next year.
The group is also hopeful that additional penetration of the Virtual Broker platform through the IWL client base and further commercialisation of the VisiWeb, VisiBroker and VisiLink suite products will fuel future growth.
IWL’s plan for the next financial year also includes a push for market share gains in research, which it hopes will be enhanced by the recent changes to the InvestorWeb Research Managed Funds and Equities teams and through the integration with Sanford’s Virtual Broker system.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
