YBR loss widens amid takeovers

Mark Bouris’ fund manager has dived further into the red, despite lifting annual revenue by 31pc.

“Our foot was on the pedal, metaphorically speaking, right as the market cooled this year,” Mr Bouris said.

Mark Bouris’ loss-making Yellow Brick Road has dived further into the red, revealing a net loss of $9.5 million for the year through June.

The deterioration on the prior year’s $2.55m loss came despite the financial services firm increasing its revenue 31 per cent to $218m.

YBR, which has never booked an annual profit, declined to pay a dividend.

“Our foot was on the pedal, metaphorically speaking, right as the market cooled this year,” Mr Bouris said. “This has affected the year’s financial results.”

The group recently announced a restructure and a shift to a franchise model after a string of acquisitions.

The company’s share price is currently languishing below 20c a share — delivering a valuation of just $51m. The stock is down around 75 per cent over the last two years, a period of rampant M&A activity during which YBR has bought Resi Mortgage Corporation, Brightday, Vow Financial and Loan Avenue.

YBR grew its loan book to more than $37 billion by year end.