Kelly & Partners looks to strategic review
Specialist chartered accounting Group Kelly and Partners has foreshadowed further global growth after having grown its Australian businesses to over $100 million in revenue.
Delivering its full-year results to the Australian Securities Exchange (ASX), KPG confirmed it was undertaking a comprehensive strategic review of its current ownership and capital structure.
It said that alternatives included options ranging from redomiciling in the US or a potential privatisation.
The company reported a 17% decline in net profit after tax of $11.1 million.
The company said that revenue was 33.4% to $86.5 million but noted that group net debt had increased by 27.3% to $39.9 million as a result of new borrowings to fund acquisitions and buy-ins.
In a letter to investors, the company’s founder and chief executive, Brett Kelly pointed to the need to grow globally, expanding the firm’s international presence in the US and UK “where we see significant opportunities exist (Australia’s two largest expat communities”.
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