Tolhurst hit hard
Financial services firm Tolhurst Group has ended the year on a low note, with net profits after tax dropping 56 per cent to $1,909 million for the same period last year.
This year’s result compares to profits of $4,292 million for the full year 2007.
In its report to the Australian Securities Exchange, the group said the financial results for the period are “reflective of the subdued and volatile markets experienced in the second half of the year É and a reflection of overall market conditions”.
Tolhurst Group’s board said that its focus for the year has been on diversifying revenue streams and enhancing annuity style income in order to provide a solid foundation for further growth.
During the year the group finalised its investment in wealth management dealer group Community and Corporate Financial Services and announced a strategic alliance with Macquarie Private Wealth, including a placement of $8 million of share capital to Macquarie.
“The board remains committed to a growth strategy through targeted acquisitions and expansion of its dealer group in regional Australia,” the group said.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
