WT Financial Group flags robust half-year results

WT Financial Group has flagged posting a robust half-year result on the back of a 33.5% increase in underlying revenue and a 35.8% increase in Net Profit Before Tax.

Releasing its indicative half-year results to the Australian Securities Exchange (ASX) the company also pointed to technology overcoming a death of advisers.

The indicative results flagged revenue from the underlying business being up 33.5% to $106.30 million and with the direct cost of sales expected to land at $96.13 million it said it expected a 26.7% increase in gross profit to $10.17 million.

The announcement said the Board anticipates declaring a fully ranked interim dividend of 0.20 cents per share, bringing dividends declared in the past 12 months to70 cents per share.

Commenting on the indicative result, WTL founder and chief executive, Keith Cullen said the results were reflective of the company’s disciplined approach to growth and integration.

“Successfully aligning all our networks under a unified framework has provided operational efficiency while enabling the practices we support to access an even broader range of services,” he said.

Cullen said the outlook for the advice profession and the company itself were very positive as growing demand for quality financial and personal risk insurance advice continued to see revenue and profitability increase.

“While adviser numbers remain constricted through high barriers to entry, increasingly practices are embracing advancements in technology to enable them to achieve further growth by serving more clients more efficiently,” he said.

“We are also experiencing increasing demand from practices for us to provide them with advice and support for M&A initiatives to enable them to achieve scale and drive operational efficiencies, margins and asset values,” Cullen said.