BFG 44% half-year profit decline amid transformation
Bell Financial Group (BFG) has reported a 44% decrease in half-year net profit after tax amid what it described as “challenging market conditions”.
The company said its revenue was down 12.5% to $121.5 million but also noted htat revenue remained strong in its Technology & Platforms and Products & Services divisions with combined revenues up 12% to $46.3 million against a 23.5% decline in broking division revenue to $69.4 million.
The directors declared an interim dividend of three cents per share, fully franked.
Commenting on the result, Bell Financial Group co-chief executive, Dean Davenport noted that growth in the firm’s recurring revenue divisions remained strong and was set to continue “as we transform into a more diversified wealth management business with multiple, scalable revenue streams”.
The firm’s commentary said an increase in operating costs during the period reflected investment in future growth, including investment in the new Bell Potter wealth platform, developing other new products and services that would be launched in the near term and BFG’s inaugural graduate program.
Are Interprac / Sequoia going to pay the 10’s of $$ millions in AFCA complaints ? Even after Macquarie &…
Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
Every day I come on here it feels like it is just the SMC trying to lobby to make one…
Well our compliance and red tape costs average around $200-$250k per adviser. Go ask the government why advice is so…