Spring FG profit surges 113%
Financial services firm Spring FG has seen its net profit after tax rise by 113 per cent to $4.8 million for the full year to 30 June.
The company also reported an 87 per cent increase in revenue to $14.9 million and will provide a fully-franked dividend of 2.64 cents, in line with forecasts and up 108 per cent on the same period last year.
The result takes into account $880,000 of non-recurring costs associated with acquisitions, restructuring, an IPO and ASX listing.
Financial planning, investment advice and product sales revenue of $13.3 million produced strong underlying EBITDA of $6.4 million and was driven by new wealth management plan engagements, which were up 54 per cent to 389 for the year.
Spring FG managing director Keith Cullen said, "It's been an exciting year of growth across the group. We are delighted to deliver a result in line with forecasts across key metrics, in particular new wealth management plan engagements that reached 389 for the year and [which] are our key driver to growth and key indicator of success.
"A number of those projects are nearing completion and will provide an operating cash flow boost of more than $2.5 million across FY2016, providing further impetus for organic growth."
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