Consolidated Financial Holdings Limited
Consolidated Financial Holdings Limited
Suite 1101 Level 11 60 Castlereagh Street Sydney NSW 2000
02 9951 5400
Sector: Financial
Description
Consolidated Financial Holdings Limited (ASX: CWL), previously Chant West Holdings Limited, is a financial service advising firm that provides financial services software solutions.
According to the Australian Securities and Investments Commission (ASIC), the company name was changed from Enzumo Limited to Chant West Holdings Limited on 11 December 2017.
Both businesses have been disclosed because of the disposal of Chant West and Enzumo in the second half of the 2020 financial year, following the requirements of Australian Accounting Standards Board (AASB 5): Non-current assets held for sale and disclosed operations for the half-year ended 31 December 2019 and 31 December 2020.
Let’s have detailed information on its previous businesses that got closed.
Enzumo's sale
The Group sold Enzumo Consulting Pty Ltd and Enzumo Corporation Pty Ltd for AU$1,500,000 on 17 June 2020. As a result, Enzumo's liabilities and assets were categorised as a disposal group. Accordingly, expenses, revenue, losses, and gains linked to the cessation of this subgroup have been removed from loss or profit from the Group's continuing operations. Accordingly, they are reported as a single line item on the income statement.
Chant West's sale
The Group sold Chant West, its superannuation research and consultation business, for a total consideration of AU$12,000,000 on 30 June 2020. As a result, Chant West's liabilities and assets were designated as a disposal group.
The Group's operating segments have been determined based on internal reports that the executive management team reviews and uses to allocate resources and analyse performance.
The Group is engaged in two business divisions for the financial services industry: superannuation research services (Superannuation services – Chant West) and software solutions (eLMS and XPLAN– Enzumo).
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