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Yellow Brick Road Holdings Limited (ASX:YBR) is into wealth management business. It provides products and services for home loans, financial planning, insurance, superannuation, and investments. It has a range of services and a network of trusted local wealth managers throughout Australia. Mortgage brokers and financial advisers are small business owners are a part of the local wealth managers. They have a vested interest in their local community. Hence It becomes easier for them to understand the requirement of the people who live in their patch, and how to achieve them. The company provides meaningful financial services, from the purchase of the first home right up until retirement.
The securities of Yellow Brick Road Holdings Limited will be reinstated to official quotation as from the commencement of trading today, Friday, 8 March 2019 following lodgement of its half-year financial report for the period ended 31 December 2018. Following this release, the stock price of the company climbed up 11.111% on 8 March 2019.Â
The net loss after tax stood at $34.15 million in 1HFY19. The loss includes a non-cash asset write-down of $33.95 million which is $30.96 million after tax, on the carrying value of the wealth management and lending business and various other intangible assets across the group.
There is no goodwill being carried in the balance sheet however there is only one remaining strategic intangible asset. The underlying EBITDA was $ 2.46 million loss which was excluding non-cash asset write-down compared to $ 2.10 million profit for the prior corresponding period. The underlying Cash EBITDA was $1.27 million loss compared to $2.06 million profit in the prior corresponding period.
The revenue from continuing operations decreased by 15.3% to $93,415,000 for the half year ended 31-Dec-2018 compared to $110,248,000 in 31 Dec 2017. The underlying loan book size decreased by 3.1% to $46,143 million as compared to $47,640 million on 30 Jun 2018. On the other hand, the net present value of loan book decreased by 3% to $48.8 million compared to the previous corresponding period of 30 Jun 2018 of $50.26 million. The net present value of loan book per ordinary share is 17.19 cents as of 17.73 cents on 30 Jun 2018. The underlying funds under management decreased by 9.2% to $1,361 million in the reported half as compared to $1,499 million on 30 Jun 2018, and the Premiums under management increased by 1.6% to $18.5 million compared to $18.2 million on 30 Jun 2018.
The Executive Chairman of YBR, Mark Bouris said that the first half of the current financial year has been challenging for the sector and the company has taken decisive actions. The management made necessary decisions in this regard and provided a simplified balance sheet.
On the price-performance front, the stock of Yellow Brick Road Holdings Limited last traded at $0.060 with a market capitalization of 283.99 million (AEST 04:00 PM, March 08, 2019). The stock has generated a negative YTD return of 37.93% and negative returns of 48.57%, 40.66% and 38.64% over the past six months, three months and one-month period, respectively. It had a 52-week high price of $0.150 with an average trading volume of ~166,464.
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