The company reported a consolidated net after tax profit for the year up June 30 of $2.21 million, down from $4.4 million in the previous year, due to economic uncertainty in major trading blocks.
Operating expenses were controlled, increasing by only 0.1 per cent however revenue from ordinary activities decreased by 5.2 per cent compared to an increase of 4.6 per cent last year.
Despite the negative performance, the company remains confident that the current year will see growth, subject to an improving financial market.
“Fiducian funds performed well against comparative funds in industry surveys over longer term investment period,” the company said in a statement to the Australian Securities Exchange (ASX).
“Fiducian has a significant capacity for further growth in its traditional revenue and has a loyal base of financial planners and strategies in place to assist such growth.”
Reports for the first quarter of the current financial year have indicated that funds under administration have grown slightly and that budget projections for the full year are likely to be achieved.
As part of their projections, the company are expecting net profits after tax to be higher than in the past year, with services to self-managed superannuation funds, the accountancy resourcing in India and acquisitions of accountancy businesses impacting on net income.
With expense reduction initiatives already in place, the company expect operating expenses to remain tightly controlled in the current year.
