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Firstfolio is the latest financial services group to post strong half yearly profit results, defying turbulent economic conditions.
According to an ASX announcement, the company delivered a net profit before tax of $2.2 million for the six months ending 31 December 2009.
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The company also revealed that earnings before interest, depreciation and amortisation was up from $1.06 million in the prior corresponding period to $4.45 million, underpinned by a 32 per cent increase in revenue to $28.1 million.
Firstfolio chief executive Mark Forsyth said the first-half result was pleasing as it was delivered in the face of difficult market conditions, and reflected continued momentum in the group’s core operations following the maiden net profit delivered in the 2009 full year.
“Having turned the business around we are now accelerating growth across multiple fronts, based on a strategy of building distribution and leveraging scale in mortgages and financial services,” Mr Forsyth said.
Since December last year, Firstfolio has managed to acquire three separate companies including First Chartered Capital, Loan Services Australia and Xplore Capital.
The company began its acquisition hunt in a bid to become one of Australia’s leading mortgage managers.
Acquisitions aside, Firstfolio has also managed to build strategic partnerships with AV Jennings and Medibank Private and is expected to add more partners to its distribution network over the coming year.
Mr Forsyth said the group’s outlook was encouraging as conditions in the economy and housing market generally improve, and the internal momentum for growth was sustained.
“As one of the last remaining listed and independent non-bank mortgage originators in Australia, our focus remains firmly on leveraging a large-scale distribution footprint to drive volume growth in mortgages and other financial services,” Mr Forsyth said.
“This will include investment in repositioning eChoice as the leading B2C online mortgage distribution platform in Australia.”
