Stockford slide continues
Listed accounting consolidatorStockfordyesterday reported an after tax loss of $123.8 million for the full year to 30 June, 2002.
The loss included a $104.5 million write down in the value of the group’s goodwill.
Stockford announced in June that a detailed review of the value of its goodwill was in progress, and that it expected to make a very significant write-down.
Stockford also reported yesterday that its cash reserves stood at $4.1 million as at 30 June.
The company says, in order to improve its cash position, it will not be declaring a dividend for the year to June 30.
"This is clearly a very disappointing result for Stockford. The write-down of goodwill to realistic values reflects the difficulties in bringing the original Stockford concept to fruition. However, having written down the goodwill we can now move forward and focus on placing the company on a sound footing to grow,” Stockford chairman Bryan Clayton says.
Clayton, along with two of Stockford’s directors, Merran Kelsall and Lawrie Robertson, have announced they will not be offering themselves up for re-election to the group’s board.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
