Depend lifts revenue off mat post Diverger | Australian Markets
Monetary planning and accounting group, Depend Restricted, has bedded down its acquisition of competitor group, Diverger, turning its 31 December 2023 half-year end result of $620,000 into $3.95 million in web revenue after tax.
The end result has seen the Administrators approve an interim dividend of 1.75 cents per share, absolutely franked.
The announcement additionally confirmed that Westpac Financial institution has authorized a $10 million increase within the company’s debt services which it mentioned, “enables Count to continue its inorganic growth strategy”.
Commenting on the end result, Depend Restricted chief govt, Hugh Humphrey described it as ‘strong’ and as persevering with the momentum establishing Depend as one of Australia’s main suppliers of diversified financial providers”.
“Our results reflect the growing client demand for advisory services and the benefits of having successfully completed the Diverger integration,” he mentioned.
Humphrey famous that Depend now supplies schooling, technical help, consulting, investments and advice to accountants and financial advisers.
The company mentioned that statutory income had elevated 54% with underlying earnings earlier than Curiosity, Tax and Amortisation rising 141% to $13.9 million.
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