Evans Dixon (ASX:ED1) reduces staff by 20%

Company News

by Rachael Jones

Wealth manager Evans Dixon (ASX:ED1) report statutory NPAT for the half year of $2.1 million was down from $12.4 million delivered in the prior corresponding period.

They report net revenue of $102.9 million, down 7 per cent on prior corresponding period as the operational review was implemented and due to softer performance in E&P and Funds Management divisions.

Group staff numbers reduced by 20 per cent.

The full impact of these changes is expected to be apparent in 2H20 and beyond and the Group will maintain a continued strong focus on delivering further cost efficiencies across the organisation.

A fully franked interim dividend of 2.5 cents per share (cps) has been declared by the Board, which is down on the 3 cps declared in 2H19 and 5cps declared for the pcp.

Shares in Evans Dixon (ASX:ED1) are trading 3.23 per cent lower at 90 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.