Financial Gravity Companies, Inc. (FGCO), a comprehensive financial services company supporting investment advisors and tax professionals, announced its financial results for the six months ended March 31, 2024.
Highlights:
– Investment management fees increased by $1,406,000 compared to the same period in 2023, primarily due to an increase in assets under management.
– Profit for the first six months of fiscal year 2024 was $104,000, compared to a loss of $141,000 for the same period in 2023. The 2024 results include a business profit of $287,158 from non-recurring annuity and insurance sales.
– Total operating expenses increased by $727,000, mainly due to higher commission expenses related to increased assets under management.
“We are pleased to report improved financial performance for the first six months of fiscal year 2024,” said Scott Winters, CEO of Financial Gravity. “The positive trends in revenue, profitability, and cash flow demonstrate our commitment to growing our business and expanding our service offerings.”
Moving forward, Financial Gravity will focus on increasing recurring fees from assets under management and services income, including revenue from insurance activities. The company will also pursue acquisitions and strategic relationships to drive growth and shareholder value.