Accounting giant WHK Group’s net profit sprung 12 per cent to a record $24.41 million for the year ended June 30, 2007.
Funds under advice (FUA) jumped 27 per cent to $8.52 billion, compared to $6.72 billion for the corresponding 2006 period.
FUA growth was underpinned by new business inflows of 38 per cent to $933 million, compared to $674 million for 2006.
The financial services arm reported exceptionally strong second half inflows up 75 per cent to $594 million, compared to $339 in the first half, due to superannuation inflows.
“With more than 9000 self managed super funds under administration across the group at year end and with the ability to provide a full service offering…the group is ideally positioned to capitalise on the anticipated escalated growth in this burgeoning sector of the financial services market,” WHK Group managing director Kevin White said.
WHK acquired three member firms, made 23 tuck-in acquisitions and took a 30 per cent stake in financial services company Next Financial.
The financial services division consists of one independent specialist financial planning firm and the financial services operations of 19 accounting firms.
WHK is the 14th largest financial advice distributor in Australia. Ongoing financial planning revenue increased by a quarter to $48.7 million in 2007.
Revenues from finance broking and risk insurance rocketed by 59 per cent and 28 per cent respectively.
The business services division of WHK group ranks as the fifth largest accounting business in Australasia.
Revenue from the division grew by 20 per cent to $217.07 in 2007.
