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By: Belinda Luc
A number of recent acquisitions have contributed to profit expectations at Firstfolio of more than $15 million for the 2011 financial year, according to the company’s chief executive officer, Mark Forsyth.
According to Mr Forsyth, the group's strategy to broaden and deepen its distribution footprint has gained significant traction and its execution is progressing well, leading to expectations that end of financial year operating earnings before interest, tax, depreciation and amortisation (EBITDA) will be in the range of $15 to $16 million.
Over the past 12 months, the company acquired First Chartered Capital Corporation, Loan Services Australia, Xplore Capital and LeaseChoice, together with the more recent addition of the Apple Group.
According to Mr Forsyth, product expansion will be a key focus for the 12 months ahead.
"We have only started to scratch the surface of product expansion with the launch of eChoice insurance.com.au, and the acquisition of our leasing arm, LeaseChoice,” he said.
“Both businesses exhibit strong margin potential."
In addition, Mr Forsyth said the company would continue to explore further financial services partnerships via its e-platform BLOOM.
The company will release its FY2010 full year results on Tuesday, 24 August 2010.
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