Despite the economic downturn expected to continue in 2009, Prime Financial Group's expansion plans remain.
Prime Financial Group (Prime) intends to maintain the expansion of its business model in the coming year, despite the tough economic downturn.
The listed financial advisory firm plans to expand its financial planning, self managed superannuation and accounting operations in the next 12 months, Prime Financial Group chairman Stuart James said.
"In 2009, Prime will further integrate the financial planning division and benefit from scale and simplified focus of its operations," James said.
"However, unprecedented economic conditions also see a renewed focus on servicing Prime's significant existing client base, which provides more than 70 per cent of the ongoing revenue for the group."
Prime's 2008 performance saw an increase of 33 per cent in net profit after tax from the previous year, to $6.8 million from $5.1 million.
However, the firm will not be immune in the near-term to the effects of the world economic downturn from a new business or ongoing business perspective, James said.
"While the core business performed well, adverse equity market conditions led to a negative contribution from the funds management operations and Prime's listed investments through the Armytage strategic opportunities fund," he said.
"In response to delayed new business completions, Prime has a renewed focus on business efficiencies and costs and continues to substantially reduce overheads. Once completed, the group overheads will be reduced by 20 per cent compared to 2008." James said.
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