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Treasury Group profit takes a hit
Restructuring expenses and 'difficult conditions' in the funds management industry over the past year have resulted in a 32.5 per cent drop in Treasury Group's profit.
The group announced a consolidated net profit after tax of $6.75 million for the 2011-12 financial year - down from last year's profit of $10.05 million.
The company received $3.95 million in total revenue, along with $11.49 million as its equity share from its associates. The group also incurred $8.9 million in expenses.
Treasury Group chairman Mike Fitzpatrick said the previous 12 months had brought "significant change" to the group, following Andrew McGill's commencement as chief executive in July 2011 and his subsequent review of the company.
"Since [July 2011] we have seen the acquisition of interests in two new businesses in Evergreen Capital and Octis Asset Management; cost control and efficiency initiatives have been undertaken in the business; and there have been restructuring initiatives undertaken in underperforming boutiques," McGill said.
The Treasury Group result includes $1.3 million of expenses "largely related to the action taken to restructure underperforming boutiques and redundancies", he added.
Treasury Group also announced a fully franked final dividend of 20 cents per share, to be paid on 26 September 2012.
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