WHK hits flat planning market
WHK Group has reported a 7 per cent decline in cash earnings for the six months to the end of December, impacted by flat conditions and the drag created by its New Zealand exposures.
Reporting to the Australian Securities Exchange today, the group said the lower result was due to a 3 per cent fall in revenue as business conditions in the small to medium enterprise (SME) sector remained depressed and demand for financial planning remained weak on the back of flat investment markets.
WHK Group said its Australian operations had been flat while the New Zealand businesses were down 11 per cent, with the stronger Australian dollar having an impact on the result.
“The key focus on organic growth over recent years has contributed to the steady performance of the Australian businesses, while the New Zealand businesses — which are less compliance and more advisory based — have been more heavily impacted by business conditions which on the whole are worse for SMEs than in Australia.
The company said a number of WHK offices had been affected by the recent Queensland natural disasters and the floods in Victoria and NSW.
It said directors expected cash earnings in the second half to be broadly in line with the previous corresponding period.
AUTHOR
Mike Taylor
Recommended for you
Commentators have discussed how value for money is becoming more critical than ever as licensee fees rise and failure by an AFSL to provide this is driving them to self-licensing.
The final terms of reference for the Dixon Advisory inquiry have been released by the Senate economics references committee, and advisers have just over five weeks to make their submissions.
Financial advisers are in the running to win one of the coveted Women in Finance Awards 2024.
The rising costs of operating a financial advice practice has been ranked as the number one challenge for advisers today, outpacing administrative and compliance burdens.
