Sequoia Financial Group Limited (ASX: SEQ) today announces its results for the half year ended 31 December 2017 (1HFY18) reporting net profit after tax of $635,627 (Dec 2016: $481,360) an increase of 32.5% on prior comparable period.
Key highlights for 1HFY18 are:
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Recorded positive operating cash flow of $7.34m;
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Revenue of $20.58m up 26.6% on the prior comparable period;
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Cash balance of $12.85m at 31/12/2017;
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Completed Acquisition of InterPrac Ltd 01/12/2017;
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Completed Acquisition of Morrison Securities Pty Ltd 18/09/2017;
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Migrated the business under 4 core operating divisions;
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Completed the migration rollout of Bourse software;
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Increased ownership of Financial News Network Pty Ltd (announced but not completed during the period);
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Increase in Sequoia Wealth Group adviser numbers by 15%;
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InterPrac Financial Planning named IFA dealer group of the year; and
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Appointment of John Larsen as Non-Executive Director in February 2018.
Managing Director Scott Beeton said, “After 3 years into the role it is pleasing to see the cashflow and profit beginning to turn around and to deliver our long-term shareholders some reward for their patience. We see the last 12 months as a formation of a solid base for further growth in revenues, profits and shareholder returns.”
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