Catella more than doubles net sales
Catella AB, owner of the Catella Fondförvaltning asset management business has reported more than a doubling of net sales in its financial year 2010 to Sek586m (€66.5m) from Sek217m (€24.6m) the previous year
The group offers equity, fixed income and hedge funds to both retail and institutional investors, as well as financial advisory services and banking, operating out of offices in 13 European countries.
There was considerable corporate activity last year, which has affected full year results in terms of goodwill, with the company formerly known as Skribona AB acquiring the former Catella, and subsequently listing and trading as Catella AB on the First North market.
Catella AB now reports the consolidation of the acquired Catella business contributed Sek64m to pre-tax profit in its October-December quarter, despite the acquisition closing as recently as 30 September 2010.
Net sales in the last quarter of the year more than tripled as a result to Sek378m (€42.9m) from Sek85m (€9.7m) in the same period a year ago, as compared to results for Skribona AB alone.
Quarterly profit per share jumped to a positive Sek0.42 (€0.047) from a loss of Sek-0.14 (€-0.015).
The corporate activity did affect reported full year profit after tax, which fell to Sek25m (€2.8m) from Sek472m (€53.6m) reported a year ago. The company said: “Profit in the preceding year included nonrecurring items totalling Sek440m pertaining to the reversal of negative goodwill.”
Earnings per share were therefore also down to Sek0.28 (€0.032) from Sek5.75 (€0.65) a year ago. The directors have recommended that no dividend be paid to shareholders.
Johan Ericsson, chief executive of Catella AB said that the results point to the company being “on the right track.”
“The start of 2011 has also been strong, with our private banking operation initiating an effort in the Nordic market through the acquisition of EKF Enskild Kapitalförvaltning. We have also expanded operations through an establishment in the fixed-income market. In addition, we have noted continued growth in several other Catella operations. “
The fourth quarter is traditionally the most important period from the viewpoint of earnings. In 2010, however, this trend was further strengthened by positive performance in the advisory market.”