IWL posts record third quarter result
Wealth management technology provider IWL has reported a record third quarter result in the March quarter of 2006, having achieved a profit 28 per cent higher than in the previous quarter.
Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) for the March quarter were $7.8 million.
Furthermore, for the nine months ending March 31, 2006, the company posted a operating EBITDA of $19.3 million, up 66 per cent from the $11.6 million recorded for the same year-to-date period in 2005.
Most importantly, all business units contributed positively to the landmark result over the nine months, with the firm’s wholesale broking activities leading the way with a 147 per cent jump in operating EBITDA, closely followed by the organisation’s portfolio solutions arm, which experienced a 100 per cent rise in performance.
Operating revenues climbed by 85 per cent for the year-to-date reaching $74.5 million at the end of March. IWL’s wholesale broking is the largest contributor to this figure, responsible for 61 per cent of the total or $45.62 million. The advisory software division that acquired Boss Software International’s business assets late last week was the next best performer, making up 16 per cent or $12.07 million of the total.
The impressive result was achieved with only seven months of financial performance of recently acquired JDV included in the figures reported.
“We are pleased with the strong start made to the second half of the 2006 financial year, particularly as this has been achieved without any major synergy benefits accruing from our recent scale driven acquisition program,” IWL chief executive Otto Buttula said.
“While the strength of the underlying result continues to be buoyed by robust equity market conditions, it is pleasing to see all divisions performing better than expected. In the latter half of the quarter we completed a significant proportion of our integration analysis and the period ahead will now see us embark in earnest upon delivering the synergies promised,” he added.
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