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Johannesburg - Alexander Forbes Equity Holdings [JSE:AFP] practically halved its headline loss per share for the six months ended September from 38 cents to 19 cents.
The group said on Monday that overall its results were solid but still lack the targeted level of growth in top line revenue.
"The strategic growth areas are showing strong positive traction and delivered pleasing growth, but this has been offset by difficult trading conditions in the more mature parts of the business where cost control and efficiency gains were primarily the drivers to retain margins," it said.
Gross income from operations of R2.4bn increased marginally by 2% while income from operations, net of direct product costs, is in line with the comparable six month period of the previous financial year.
"The stronger rand impacted negatively on this overall result as the Africa region and the international region delivered net revenue growth in local currency of 7% and 2% respectively. The recovery in equity markets supported the results in both Investment Solutions and the Financial Services businesses," the group said.
Operating expenses of R1.7bn decreased by 2% in rand terms.
"We continue to balance disciplined cost management in the established business areas with investment in the strategic growth areas, particularly to support our expansion in the individual client market. As a result, operating expenses in the Africa region grew by 8% and International, in local currency terms, by 1%," it said.
Profit from operations before non-trading items increased to R484m, up by 4% compared to the first six months of the previous year.
The group said it was committed to its long term growth ambitions.
