Platform provider posts 58pc profit increase

wealth-management/wealth-management-division/ASX/financial-planning/australian-securities-exchange/

13 February 2015
| By Nicholas |
image
image
expand image

Strong growth in international markets has seen platform provider, GBST's first half 2014/15 increase by 58 per cent.

In a statement to the Australian Securities Exchange this morning, GBST announced a net profit for the six months to 31 December 2014 of $6.9 million, up from $4.4 million.

GBST managing director, Stephen Lake, said the results reflected the success of its investment in international projects, with international sales exceeding domestic sales for the first time.

"GBST's continued strong growth demonstrates the effectiveness of our business strategy, which is focused on building annuity licence sales in international markets," he said.

"We are working hard to capitalise on our industry-leading technologies, and are particularly pleased that our wealth management division secured a record number of new international projects despite an increasingly competitive market. Our recent aim has been to secure new pensions business in the UK, where regulatory change is opening opportunities and GBST Composer supports five of the leading pension providers.

"Our capital markets division successfully completed GBST Syn~ implementations in Asia for a major international bank and a regional clearer. In North America, our first direct US client has achieved significant synergies from GBST Syn~.

"Our Australian operations remain the bedrock of our business, and we increased revenue in both the capital markets and wealth management sectors. This was a good result in difficult trading conditions."

GBST reported that its senior debt had been reduced to nil in the first half of the financial year, and that the company held $2.8 million net cash at 31 December 2014.

In the statement to ASX, the company announced that the board had declared an interim dividend for 5 cents per share, up 25 per cent on the same period in the 2013/14 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?...

1 month 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 ago

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

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS