BFG reports second half turnaround
Bell Financial Group (BFG) has claimed a marked second half turnaround after notifying the Australian Securities Exchange (ASX) of a 17% increase in unaudited profit before tax.
BFG told the ASX it had recorded a $48.2 million profit before tax, representing a 17% increase over the prior corresponding period.
“The result represents a marked turnaround on the first half, where at $13.6 million, profit before tax was down 44% on the prior period,” it said.
The company said the improvement had been driven by further growth across its Technology & Platforms and Products & Services divisions, and a strong second half in its Equity Capital Markets and Retail and Institutional broking businesses.
BFG co-chief executive, Dean Davenport said the performance of all three divisions reflected the firm’s focus on building sustainable recurring revenue streams.
Davenport said BFG remained ideally positioned for growth as it executive its strategy to become a provider of more holistic and diversified wealth management services.
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