BFG 44% half-year profit decline amid | Australian Markets
Bell Financial Group (BFG) has reported a 44% lower in half-year internet profit after tax amid what it described as “challenging market conditions”.
The company stated its income was down 12.5% to $121.5 million but in addition famous htat income remained sturdy in its Technology & Platforms and Products & Services divisions with mixed revenues up 12% to $46.3 million towards a 23.5% decline in broking division income to $69.4 million.
The administrators declared an interim dividend of three cents per share, totally franked.
Commenting on the end result, Bell Financial Group co-chief government, Dean Davenport famous that growth within the firm’s recurring income divisions remained sturdy and was set to proceed “as we transform into a more diversified wealth management business with multiple, scalable revenue streams”.
The firm’s commentary stated an increase in working prices during the period mirrored investment in future growth, together with investment within the new Bell Potter wealth platform, developing different new services that may be launched within the close to time period and BFG’s inaugural graduate program.
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