Sequoia Financial Group Limited (ASX:SEQ) Managing Director & CEO, Scott Beeton talks about the company's 1H18 results, the acquisition of InterPrac and consolidation in financial services.
- Recorded positive operating cash flow of $7.34m, revenue of $20.58m up 26.6% on prior comparable period. Cash balance of $12.85m.
- Completed acquisition of InterPrac Limited 01/12/2017.
- Completed acquisition of Morrison's Pty Ltd 18/09/2017.
- Restructured the business under four core operating divisions.
- Re platform Bourse Software - direct savings over $200k pa.
- Increased ownership in Financial News Network Pty Ltd (77.07%).
- Increase in Sequoia Wealth group adviser numbers by 15% over the last 6 months.
- InterPrac Financial Planning named IFA dealer group of the year.
- Carefully targeted acquisitions are currently in discussion in complementary sectors, as well as key "bolt-ons". The underlying logic of the acquisition program is systematic vertical integration and reinforcement of existing strategic operating business units.