Fox Symes Australia continues to work towards becoming a financial product and service provider and away from being dependent on debt agreement fees.Profit before tax was down $4 million in the financial year to June 2008 to $4.4 million while revenue was up 18.4 per cent to $40 million.Fox Symes executive director Tim Maher says the company has returned to profitable trading after some transitional costs in 2008."We have recorded some record growth figures in the first quarter of 2008/09" said Maher.Establishment of the residential mortgage lending business cost Fox Symes $1.8 million in the 2008 financial year. Fox Symes, along with all the other debt aagreement administrators, can no longer take their fee before creditors are paid. Fox Symes used to take a hefty fee out of the first payments made by the debtor. Changing over to a system where the firm get its fees paid as the creditors are paid cost Fox Symes $1 million in the past year.The mortgage lending business has lent $100 million of the $210 million facility from Westpac, which has been renewed by another year. The average Fox Symes mortgage is less than $200,000 with an loan to valuation ratio of under 65 per cent. Around 85 per cent of borrowers are income certified full doc applicants. Fifty per cent of loan applications are brokered to other lenders.The bridging and factoring finance business has used more than the $10 million in funding from Westpac and is currently looking for a wholesale line of credit to continue.Fox Symes is looking to move into a range of financial products that will cater for customers at each stage of their "financial lifecycle"."We are moving to a no advice financial planning model, we will be providing general advice to a greater number of clients," said Maher."Now we help people to resolve their debt issues. What we are developing now is the capability to offer them a range of money management products and services that will cater for people throughout their financial lifecycle."