Adviser-owned licensee Australian Financial Services Group (AFS) increased its earnings before income and tax [EBIT] by 49 per cent over the 12 months to October 2007.
The record-breaking profits were underpinned by a performance-based, results-driven culture, AFS chief Peter Daly said.
“Before I took over three-and-half-years ago, AFS had laissez faire management. Today it’s a performance-based culture. Everything here is very bottom-line focussed,” he said.
“Over the next five years, it is our objective to build on this momentum and double AFS income, treble profitability and achieve a further 500 per cent increase in the dealer group’s share price.”
The group’s income has grown 103 per cent in the last 12 months, funds under management have increased by 138 per cent and practices number growth had been 147 per cent.
AFS has achieved its targets by creating a tailor-made model for each of its practices to help them boost profits.
During the past three years its share price has increased five-fold.
On reaching a trigger EBIT, AFS will launch an initial public offering, Daly said.
The dealership has gained 17 practices this year. Daly confirmed the group would fuel expansion through acquisition.
