FINANCE: PSG Konsult Boosts Turnover By 10%
Recent Western Cape Business News
Cape Town-based PSG Konsult, the independent provider of financial services, has amidst challenging economic conditions in the financial year to February 2010, managed to increase turnover by 10,3% to R834 million.
Whilst net profit before tax increased by 2% to R133,7 million, a heavier tax burden weighed headline earnings down by 7,7% to R89,4 million, with headline earnings per share declining equally to 12,2 cents per share.
Funds under administration increased substantially from R43,6 billion to R72 billion, mainly because of a distinct improvement in market conditions during the second half of the year and the acquisition of T-Sec’s private client stockbroking division. The collection of short-term insurance premiums on behalf of product suppliers was steady at R1 450 million.
PSG Konsult’s country-wide network remained at 197 offices with some being consolidated and new ones established. The number of financial planners, stockbrokers, short-term insurance brokers and asset finance advisors increased substantially from 514 to 572. The result of this increase should bear fruit in the current financial year.
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