Spring FG sees slight increase in half-year profit

Listed financial services company Spring Financial Group (FG) has reported an approximate 1.5 per cent increase in its half-year profit for the period ending 31 December 2015.

Posting its interim financial report for the period on the ASX yesterday, Spring FG reported a net profit after tax of $810,336 for the period, up nearly 1.5 per cent from $798,814 in the previous corresponding period.

According to the financial services provider, the result was "impacted" by a one-off write-off of $102,508 of fixed assets associated with the relocation of Spring FG's head office.

Spring FG also pointed out that its transition to becoming an ASX-listed company has led to an increase in operating expenses of 15 per cent to $4,018,158, up from $3,505,282 in 2014.

The company added that it has also increased the number of staff as it prepares for "significant further expansions" through the launch of its new online services and roll-out of a franchised branch network from mid-2016 also resulted in the greatest impact on employment expenses increasing by 50 per cent to $2,232,444, up from $1,492,715 in 2014.

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