Poor performance causes Wilson wobbles
Performance fee income for Wilson HTM Investment fell to almost zero during the turbulent share market activity of financial year 2008, compared to $14.2 million in the previous corresponding period, with the junior investment bank revenues directly linked to equity market performance.Revenue provided through services, (which includes performance fee income), overall fell one per cent to $119.6 million, due to the four other revenue streams increasing - with the largest contributor Brokerage up seven per cent for the year to $51.5 million.Net profit after tax fell 29 per cent to $12 million, in line with guidance provided in April 2008, with a four cent fully franked dividend declared - bringing the year total to seven cents fully franked.Funds under management increased 43 per cent to $5.3 billion, but earnings per share fell 42 per cent to 12.6 cents.A small parcel of shares traded hands yesterday at $1.20, with 12-month highs $4.06 and lows $1.05. The company has a market capitalisation of around $115 million.