The Bell Financial Group Ltd (ASX: BFG) share price is down over 4% on its FY21 half year profit announcement.
Bell’s FY21 half year profit update
Bell said that it expects to report a HY21 profit before tax of $24 million (unaudited) in the six months to 30 June 2021. This is an increase of approximately 3% on the prior corresponding period.
The company said that revenues from its ‘technology & platforms’ and ‘products & services’ businesses continue to grow and were the standouts along with ‘equity capital markets’.
Management said that there was an increase in costs associated with ongoing investment in its technology and the staff required to manage its various business initiatives.
Bell will release more information in its half year result in August.
Bell management comments
Executive Chairman Alastair Provan said: “It is pleasing to report that based on unaudited numbers Bell Financial Group has once again produced a first half trading record for the six months to 30 June 2021.”
Summary thoughts on Bell’s share price
It appears that investors were expecting a stronger result and the share price has dropped in response. It’ll be interesting to see what the next six months look like for Bell.
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