Financial services group Snowball, expects earnings before interest, tax and depreciation of amortisation (EBITDA) over 2008 to come in at $11 million, signifiying an increase of 42 per cent compared to last year, the group announced yesterday.
The earnings guidance is based on pre-audited figures.
The results have been boosted by acquisitions, but organic growth also showed a 15 per cent increase.
"In the current trading conditions that is a Herculean result," managing director Tony McDonald said.
The group believes it is less susceptible to market turmoil than its competitors because a large portion of its funds comes from corporate superannuation contributions, while acquisitions in recent years have led to a diversification of revenues.
Snowball also announced it will merge its accounting business, Outlook Tax & Accounting Solutions, with New South Wales practice Duncan Dovico.
The merged entity will have an annual turnover of $10 million and will contribute to the group's profits.
"We haven't given any market guidance in relation to our 09 result apart from the fact that [the merger ] is earnings accretive," Snowball chief operating officer Carl Scarcella said.
