Successful implementation of new business model
(Thomson Reuters ONE) -
Acta's main focus in the third quarter of 2010 has been dedicated to the
implementation of the portfolio account. Our clients have embraced Acta's new
business model. Since the launch of this neutral and alternative fee structure
in mid-June this year, 3,600 clients have now placed NOK 5.3 billion in the
portfolio account, representing more than 17 percent of clients' total equity
invested through Acta's product offering. This means more than NOK 50 million in
increased annual recurring revenues for Acta. Annual recurring revenues will now
exceed Acta's annual fixed costs. For the first time since 2008, both the assets
under management and the value of clients' equity have risen. The flipside of
focusing on the portfolio account has, as expected, been low volumes in gross
subscriptions, notably in the Swedish market.
Long-term value added
Investments held through the portfolio account imply a net increase in the
Group's recurring revenues of slightly above one percentage point compared with
the traditional trade account. By increasing Acta's recurring revenues, the
Group's financial position is strengthened. - We are building a solid platform
for long-term profitability for the Acta Group going forward, says CEO Geir Inge
Solberg.
Most of clients' equity that is now invested through the portfolio account comes
from Acta's Norwegian clients, which is natural since the account type has been
available in Norway the entire quarter, while our Swedish clients have only had
the offering since September. - We are very pleased to see that so many of our
clients have chosen to hold their investments through the portfolio account, and
we expect our Swedish clients to show a positive attitude towards the account
type as our advisors focus on informing and advising clients about the
advantages the portfolio account imply for active clients, says Solberg.
Acta going forward
In the coming quarters our advisory force will continue to be active in
informing and advising clients about the opportunities and benefits represented
by portfolio account. Our ambitions to have 50 per cent of clients' equity
invested through the portfolio account during 2012, and 75 per cent during
2014, remain firm. Acta's supplementary businesses will be developed further,
and both Acta Markets and the brokerage business show a positive development.
Acta Markets is in a process to strengthen its management and corporate team in
order to be able to take a greater part in the value chain of product
development and corporate finance business. The two brokerage departments in
Stockholm and in Stavanger represented approximately 20 per cent of the total
gross subscription in the third quarter of 2010 for the Group as a whole.
Financial highlights in 3rd quarter 2010
* NOK 4.9 billion placed in the portfolio account by the end of the quarter.
* Gross subscriptions of NOK 354 million, compared with NOK 477 million in the
same period in 2009.
* Total revenues of NOK 87 million, compared with NOK 103 million in the
corresponding quarter of 2009.
* Recurring revenues of NOK 74 million, up from NOK 67 million the previous
quarter and NOK 73 million in the corresponding quarter of 2009.
* Total operating cost (including depreciation) of NOK 103 million, compared
with NOK 101 million in the corres-ponding quarter of 2009.
* Operating earnings of NOK -16 million, compared with NOK 2 million in the same
period of 2009.
* Value of clients' equity of NOK 31 billion, up from NOK 28 billion in the
previous quarter.
* Asset under management of NOK 70 billion, up from NOK 68 billion in the
previous quarter.
* The Group has a robust financial position and has a net liquidity position of
NOK 213 million and no interest-bearing debt.
A complete English version of the interim report and the presentation of the
3rd quarter of 2010 are attached on www.newsweb.no and on Acta's Investor
Relations web pages www.acta.no.
Contact details:
Geir Inge Solberg, Chief Executive Officer, +47 908 78 043
Christian Tunge, Chief Financial Officer, +47 450 65 850
Rune Wangsmo, Public Relations Director, +47 995 41 507
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1455586]
3rd quarter 2010:
http://hugin.info/132742/R/1455586/395455.pdf
Presentation:
http://hugin.info/132742/R/1455586/395456.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Acta Holding ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2010 - 08:25 Uhr
Sprache: Deutsch
News-ID 46546
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Kategorie:
Business News
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