Wilson HTM Investment Group Ltd expects to report an after-tax loss of $7.8 million for the year to June 30, 2010 due to a loss at Next Financial and a one-off pre-tax $14.4 million termination fee payment to Deutsche Bank, according to unaudited accounts.
Earlier this year the company was restructured along two core business lines: Wilson HTM and Group and Business Investments. Wilson HTM encompasses the established capital markets and wealth management businesses, as well as Next Financial, which was acquired in 2008-09. Excluding the Next Financial business, which recorded an $8.5 million loss, Wilson HTM says net profit was up six per cent to $11.6 million before tax.
Group and Business Investments includes the investment in Pinnacle along with the seed capital used to fund strategic initiatives. The division reported an $8.1 million improvement over last year's $1.1 million loss.
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