PSG Konsult continues to grow in improving economy - 16 Apr 2010 11:14
Despite a decline in headline earnings, financial services company PSG Konsult will add to its base of broker and advisory staff this year, says CEO Willem Theron. Headline earnings fell by 7.7% percent year ending February (which sees shares drop to 12.2c a share). Although headline earnings were down, net profit was up and turnover increased. Net profit increased by 2% to R133.7 million and turnover increased on 10.3% to R834 million.
The financial advisory company currently employs 572 short-term insurance brokers, asset finance advisors, financial planners and stockbrokers – an increase of 58 employees over the last year from 514. The number, according to Theron, is expected to get even higher in order for PSG to gain the most out of the improving economy.
Founded in 1996, PSG Konsult has grown to fill 251 branch offices locally, in Namibia and the United Kingdom. Of the 251 offices, 197 are local and not likely to have any more added to the number, even though funds under administration rose by R28.4 billion, partly as a result of the acquisition of T-Sec private client stockbroking division, and the acquisition of PSG Prime which is now 100% owned by the PSG group.
Although market conditions are improving, Theron said that consumers would still be under pressure as a result of electricity and petrol prices.
Despite a decline in headline earnings, financial services company PSG Konsult will add to its base of broker and advisory staff this year, says CEO Willem Theron. Headline earnings fell by 7.7% percent year ending February (which sees shares drop to 12.2c a share). Although headline earnings were down, net profit was up and turnover increased. Net profit increased by 2% to R133.7 million and turnover increased on 10.3% to R834 million.
The financial advisory company currently employs 572 short-term insurance brokers, asset finance advisors, financial planners and stockbrokers – an increase of 58 employees over the last year from 514. The number, according to Theron, is expected to get even higher in order for PSG to gain the most out of the improving economy.
Founded in 1996, PSG Konsult has grown to fill 251 branch offices locally, in Namibia and the United Kingdom. Of the 251 offices, 197 are local and not likely to have any more added to the number, even though funds under administration rose by R28.4 billion, partly as a result of the acquisition of T-Sec private client stockbroking division, and the acquisition of PSG Prime which is now 100% owned by the PSG group.
Although market conditions are improving, Theron said that consumers would still be under pressure as a result of electricity and petrol prices.