Sequoia has announced its unaudited results, with revenue of approximately $130 million, EBITDA of approximately $5.5 million, and a normalised EBITDA of $9.0 million. The sale of Morrison is expected to finalise at end of August 2023, the business said, with all gains from the sale counted in the first half of FY24.
The company confirmed it will announce results for the year ended 30 June 2023 on Tuesday, 29 August 2023 before market opening.
In addition to releasing the unaudited results, Sequoia also announced three senior appointments.
Martin Morris will take on the role of chief operating officer, effective 21 August. Mr Morris has three decades of experience in financial services, most recently as chief distribution officer at Praemium, chief executive officer of Complete Super Solutions, and head of business development and marketing at Capstone.
“His expertise in managing teams to generate more clients, build brand awareness, and drive strategy makes him an asset to our team,” Sequoia said.
The company has also appointed Justin Harding as head of legal and risk, who moves from WT Financial Group where he was head of legal and regulatory affairs and will commence in the role later in the year.
“Justin is known for his proven dispute resolution and mediation skills and will take ownership of that role within Sequoia’s Licensee Services Division,” Sequoia said.
Finally, Mark Hutchinson will start as senior compliance manager on 21 August. Mr Hutchinson has 30 years of experience in the financial services industry, with a background in audit, remediation, breach management, and policy enforcement.
He previously worked in the assessment and intelligence team at the Australian Securities and Investments Commission.
“The new appointments represent a significant milestone for our organisation, and we are confident that their leadership will elevate our company to new levels of success,” Sequoia added.
In July, Sequoia signed a heads of agreement to acquire and merge the businesses of Castle Corporate and Castle Legal.
The acquisition of the Castle businesses aligns with Sequoia Financial Group’s strategic vision of providing an “extensive range of services to accountants, financial advisers, AFSL holders, and lawyers”.
“Our service offerings deliver solutions to those who appreciate the value and timeliness of products, services, and advice acquired through scale and technology platforms,” the firm said.
