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
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.