Sequoia announces bolstered results

Company News

by Rachael Jones

Financial services company, Sequoia Financial Group (ASX:SEQ) reported a stellar 226 per cent jump in its attributable net profit after tax in the 2018 financial year, with its headline figure hitting $2.3 million.

The bolstered results came after the organisation with $3.5 billion in funds under advice, gained control over three entities including Morrison Securities, Interprac and My Own Super Fund. And those entities added $2.1 million to the group’s profit.

Over the financial year, Sequoia’s revenue clocked up a rise of 116 per cent, to $75.7 million.

Sequoia also declared an ordinary fully franked 0.5 cents per share dividend, for the second half of the financial year, payable on 25 October, with a record date of 11 October.

Shares in Sequoia Financial Group (ASX:SEQ) are trading up 4.48 per cent to 35 cents

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