Clime IM books $1.61m loss
Madison Financial parent Clime Investment Management has reported a difficult first half, reporting a loss of $1.61 million but pointing to cost savings and early signs of improvement.
The first half results, filed with the Australian Securities Exchange (ASX) late on Wednesday, also showed revenue was down 24% to $6.808 million.
The company’s announcement noted that, as previously advised, Clime had “undertaken significant expense rationalisation measures in the last quarter of 2023” and added: “The Board is pleased to advice that these measures have resulted in a profit before tax and amortisation for the months of December 2023 and January 2024”.
The Clime result included $300,000 in redundancy and restructure costs and a further $200,000 in non-recurring expenses noting that “significant investment in system integration has been expensed”.
Looking at Madison, the ASX announcement said that Madison entities had contributed $2.1 million in revenue compared to $1.4 million in the prior corresponding period due to a reduction in the number of advisers.
It said funds management revenue of $3.9 million decreased from $4.5 million.
Is it not a cost of completing the transaction? Why should it be removed from any analysis, applicable govt charges…
Misleading figures. We’d have millions and millions removed in our client base with LS. Almost 100% came straight back in…
Financial planners, you know exactly what will happen next. Get your wallets out- Cslr bill coming your way!
Another day and yet another shouty SMC story running about trying to push regulators to enter union super into Australian…
These funds should be a lot more concerned about their investment returns, which are starting to look very sick. Waiting…