Stockbroking and advisory firm Bell Financial Group (BFG) has reported a strong balance sheet in its first year as a listed company, despite feeling the impact of the share market decline.
Group revenues for the year ended 31 December 2008 were $175.7 million and profit after tax was $14.4 million.
As at 31 December 2008 BFG had net tangible assets of $63 million, of which the majority were cash and cash equivalents.
Overheads, excluding the commissions paid to advisers, were down 4.6 per cent from last year to $62.8 million.
"Our first year as a listed company has been tough, both for the group and our clients," BFG executive chairman Colin Bell said.
"Despite the appalling market conditions, I am pleased to be able to report the group did trade profitably throughout FY 2008 and we have finished the year with our balance sheet intact, no operating debt in the core broking business and no significant asset writedowns."
A fully franked dividend of 2 cents per share will be paid for the six months to the end of FY 2008. The total dividend for the year is 5 cents per share.
Online broking business Bell Direct, in which BFG has a 36 per cent investment, also experienced a month-by-month revenue growth in 2008.
"As a group, we believe we have delivered a good set of results despite what has been an extremely challenging 12 months," Bell said.
"We're confident that the group is well positioned to meet the challenges ahead and to take advantage of growth opportunities in the marketplace."
