English

Profitable operations in a difficult market climate

Report this content

First quarter gross subscriptions totalled NOK 949 million. When reporting the figures for the fourth quarter of 2008, Acta communicated that, given the same level of gross subscriptions and product mix in the first quarter of 2009 as in the fourth quarter of 2008, the first quarter of 2009 would be profitable. Acta is pleased to report positive operating earnings of NOK 4 million in the first quarter. "We are very pleased to see that the cost reduction measures that we implemented in 2008 have paid off. Acta has a robust financial situation, and will continue to consider additional cost-saving measures to secure that Acta will be a competitive and preferred supplier of investment advisory services in the future," says Mørdre. High level of activity and well-positionedActa's relative competitive position is strengthened and Acta now has a unique position in the market. The company is experiencing a stable client base and a relatively stable AUM level given the prevailing market conditions. Acta intends to adapt to the new market situation by improving both the customer concept and products offered and by maintaining the core of the distribution network in order to be the preferred financial advisor for suitable investors. The level of activity is still high with several thousand client meetings being held each week. The current situation in the financial markets presents many interesting investment opportunities, and Acta is experiencing many of its clients to have both the means and funds available for investments. During the first quarter of 2009 Acta focused on providing clients with a high degree of attention and advisory services, and we believe that we are well-positioned with regard to increasing our market share amongst the most affluent clients when the financial markets normalise.  Financial highlights in 1st quarter 2009

  • Gross subscriptions of NOK 949 million, compared with NOK 4,059 million in the same period in 2008.
  • Revenues of NOK 141 million, compared with NOK 367 million in the equivalent quarter in 2008.
  • Recurring revenues of NOK 78 million, with a coverage factor to fixed costs of 81%.
  • Operating result of NOK 4 million, compared with NOK 126 in the same period in 2008.
  • Assets under management of NOK 80 billion, compared with NOK 90 in the corresponding quarter of 2008.
  • The Group has a robust financial standing and has a net liquidity position of almost NOK 300 million and no interest bearing debt.

  A complete English version of the interim report and the presentation of the 1st quarter of 2009 are attached on www.newsweb.no and on Acta's Investor Relation web pages www.acta.no.   Contact details: Simen Mørdre, Chief Executive Officer, +47 908 68 562 Christian Tunge, Chief Financial Officer, +47 450 65 850 Rune Wangsmo, Public Relations Director, +47 995 41 507

 

 

Documents & Links