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Tuesday 24th August 2004 |
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The company yesterday announced its turnover for the four months to June 30 was slightly lower than forecast at $4.88 million compared to $4.92 million, however its after tax profit was $407,841 while the forecast was $338,028.
Chief executive Jeff Staniland said the first three months of the period had been very strong in terms of mortgage origination with a marginal slowing in June that appears to be attributable to seasonal factors.
The company's out-performance relative to the IPO forecast is a function of higher margin business along with lower operating and interest costs.
He says the company experienced strong growth in the life insurance area and has engaged two more insurance contractors.
Staniland says the company is well positioned for the year ahead with a total of 44 brokers in place. "We have recently launched a prize draw promotion campaign to capitalize on an anticipated increase in property market activity during spring."
"The company is pursuing an active strategy of selling new franchises in regional areas to capitalize on the strength of the Mike Pero brand and existing enquiry levels.
Mike Pero's shares closed yesterday 1c higher at 88c, up from a year low of 86c. They listed at $1 and have struggled to get above that level since the IPO.
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