Came across this pearler this morning:Deakin Financial Services...

Came across this pearler this morning:

Deakin Financial Services Group Limited (DKN) today announced its full year results and maiden dividend,
confirming the strategic value delivered by the group’s merger with AustChoice in January this year.
The Holding Company itself declared a net profit after tax, subject to final audit, of $930,202 and a dividend of 0.4 cents fully franked per share is proposed to be paid.

While the consolidated result was a small loss of $80,239, this was brought about by a charge of $879,287 for the amortisation of intangibles. Cash flow was very strong and there is now $6.7 million of cash on hand with no debt.

The pro-forma accounts show a net profit after tax and before goodwill amortisation of $2,974,000 after adjustment for the inclusion of AustChoice Financial Services Group Limited results for the full twelve months and also for the removal of costs of merger and restructuring. This pro-forma result is provided as a guide to the current underlying performance of the group.

End

The underlying performance of just under $3mil and the fact they are paying their maiden dividend suggests this company could be heading in the right direction. With a market cap of $28mil, there is some upside to be had if growth continues.

Canadian Bunny