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.
For more information about Financial Gravity Companies, Inc., and its financial services, please visit our website at https://financialgravity.com.
About Financial Gravity Companies, Inc.
Financial Gravity Companies Inc., along with its subsidiary companies, provides investment and tax professionals with a turnkey family office charter. We help tax professionals evolve from the commoditized business of tax compliance to a Family Office Director that runs and manages their own multi-family office. Family Office Directors are able to leverage the Financial Gravity systems, technology, proprietary resources, and deep domain expertise to bring an elevated and holistic financial service experience to their clients that spans proactive tax planning, retirement and estate planning, wealth management, and risk mitigation. For more information about Financial Gravity Companies, Inc., please visit https://financialgravity.com.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert, or change any of them and could cause actual outcomes and results to differ materially from the current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Financial Gravity's business, and Financial Gravity undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact Details
Financial Gravity Companies, Inc.
Scott Winters
+1 800-588-3893
scott.winters@financialgravity.com
