Sargon weighs on OneVue half
OneVue has written its Sargon receivable down to $3.9 million amid the release of the company’s half-year results which saw OneVue managing director, Connie Mckeage assert the company’s businesses all have continuing growth momentum.
Mckeage also said that the “high profile Sargon matter has not affected OneVue’s ability to service our clients on a day to day basis”.
“In fact, our clients have been extremely supportive during this period. Nor has it impacted our ability to fund future growth plans,” she said.
OneVue’s half-year report, released to the Australian Securities Exchange (ASX) today revealed a loss from continuing operations attributable to members of $27.089 million, although the company’s EBITDA from continuing operations increased by 48.2% to $3.391 million.
OneVue is currently seeking to sell-down its stake in financial planning group Madison.
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
