Bell Financial flags improved $23.5m H1 profit but shares dip
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Bell Financial Group (ASX:BFG) is expecting to book a higher $23.5m first-half profit, but investors didn’t seem overly happy about it with shares dipping 5.2 per cent on Friday morning.
The figure is 5 per cent up on the same period last year. Shares, however, slipped to $1.27 from Thursday’s close of $1.34.
While it promised to give a more detailed breakdown of individual division numbers next month, it noted several subsidiaries were doing well.
These included Retail and Wholesale Equities, its non-bank margin lending business Bell Potter Capital as well as Equity Capital Markets, which raises capital.
“Given the circumstances that we all find ourselves in today, to be able to produce a first half result that has us tracking better than the corresponding period is, I think, extraordinary,” executive chairman Alastair Provan said.
ASX companies, both great and small, rushed to top up their cash balances as COVID-19 hit.
Bell Potter, the broking arm of Bell Financial, has been one of the top performing rainmakers.
It ranks 8th overall having raised $683.4m, including joint deals, as of July 9. Companies range from 2020’s hottest stock, gold explorer De Grey Mining (ASX:DEG), to stem-cell biotech play Mesoblast (ASX:MSB), which is involved in the search for a COVID-19 treatment.
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While Bell shares slightly declined in early trade, they are up approximately 30 per cent in the last 12 months.