09/10/2009 - 06:50

Hartleys FY09 profit slumps 64%

09/10/2009 - 06:50

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The global economic downturn has cut Hartleys' net profit after tax by 64 per cent to $6 million for fiscal 2009, in what has been described as a good result by the group's chairman.

The global economic downturn has cut Hartleys' net profit after tax by 64 per cent to $6 million for fiscal 2009, in what has been described as a good result by the group's chairman.

In its financial report, unlisted company Hartleys said the 2009 financial year profit, which represented earnings per share of 78.9 cents, compares with the previous year's $16.75 million profit, or $2.577 per share.

The directors declared a final and fully franked dividend of 55c for each share, in addition to the interim 10c dividend declared earlier this year.

"In light of the downturn in the financial sector generally, this was a very good result and reflects the contribution and commitment of all staff," chairman John Featherby said.

Total revenue for the group almost halved from $67.3 million to $37.2 million while personal expenses fell from $37.6 million to $22.8 million.

Cash and cash equivalents at the end of the period was $20 million.

During the period, Hartleys participated in more than 20 equity raisings in excess of $300 million.

In addition, Richard Simpson stepped down from the chief executive post with Charlie Ransom taking over.

"The Group will continue to pursue its objective of increasing the profitability and market share of its operating business units during the next financial year," Hartleys.

The group's result compares with Patersons Securities net loss of $389,238, a result of the firm's acquisitions of Montagu Stockbrokers and the stockbroking business of Tolhurst Group, while Euroz reported a net profit of $10.3 million, a 75 per cent drop from the previous year.

 

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