NEWS UPDATE: Cromwell posts record result
Paul Weightman
Despite current market conditions, property and funds manager Cromwell Group has reported a record 12-month result, generating a $70.8 million profit from operations in the year to June 30, 2008.
In a statement to the Australian Securities Exchange this morning, the group attributed the positive result to the strength of its $1.2 billion property portfolio, which benefited from the earlier sale of various assets that had reached full value.
“The decision to dispose of a number of assets at the peak of the market in 2007 has provided us with a secure capital base and a streamlined portfolio,” Cromwell chief executive Paul Weightman said.
The group has forecast full year earnings for 2009 to be in line with the 2008 results of 10.1 cents per stapled security, with a plan to make the most of the current market conditions.
“Our strategy will continue to be focused on maximising the value of our existing portfolio, providing the groundwork for a recovery in the funds management sector and taking advantage of opportunities provided by the softening market with selective accretive transactions.”
Recommended for you
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.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
