Wilson HTM reports interim $3.3 million loss
Wilson HTM Investment Group has reported a net loss after tax of $3.3 million for the six months to 31 December 2011.
The corresponding first half of the 2010-11 financial year saw the group record a net profit after tax of $2.7 million.
In an announcement to the Australian Securities Exchange this morning, Wilson HTM said weaker market conditions "negatively impacted corporate revenues, broking volumes and the value of principal investments".
The biggest hit came from the business investment segment, which lost $5 million before tax due to the poor market conditions, according to Wilson HTM. The wealth management division of the business contributed a $100,000 profit, before tax.
Net revenue for the first half of the 2011-12 financial year was $35.5 million - down $11.7 million from the corresponding period in the 2010-11 financial year.
Net tangible assets as of 31 December 2011 were $51.7 million, and total funds under management were $10.9 billion.
The directors of Wilson HTM have resolved not to pay an interim dividend.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
