WT Financial extracts acquisition synergies
WT Financial Group has claimed vindication of its acquisition strategy after providing its indicative half-year results to the Australian Securities Exchange revealing revenue of more than $83 million and an increase in profit before tax of nearly $2 million.
The company said its operating profit for the half year was up 55% to $2.8 million compared to $1.67 million in the prior corresponding period.
Commenting on the indicative result, WT Financial chief executive, Keith Cullen said the revenue figure was indicative of the company’s acquisition strategy while its success in integrating and streamlining the acquisitions had enable the firm to deliver the 55% increase in EBITDA.
WTY Financial Group acquired financial planning licensee Synchron in March, last year, having previously acquired Sentry.
Cullen said the efficiencies gained through the acquisition and integration of Sentry and Synchron had enabled WT Financial to deliver an industry-leading offering to advice practices as the industry continued to modernise and as consumer demands for advice continued to grow.
Just for clarirty, REAL revenue (after advisers get their split) was $8.12m. It is misleading the way some listed licensees report revenue rather than gross profit on sales.
Should it be, “WT financial extract income from Planners”
Look forward to the day advisers can do away with the AFSL system and be self registered for a lot less cost.