Business Description:
Bell Financial Group Limited (BFG) is an Australian based provider of stockbroking, investment and financial advisory services to private, institutional and corporate investors. BFG has four operating structures: Bell Potter Securities; Bell Potter Capital; Southern Cross Equities; and Bell Direct.

Strategy Analysis:
BGF acquired Southern Cross, a large independent stockbroking firm as a complementary business to strengthen the company within the institutional market, as well as in research and corporate advisory areas. The strong resources and energy sector capabilities will add to the immediate synergies which will exist upon the completion of the acquisition. In addition to this, the company has a cornerstone investment in Bell Direct, an online broking business which should help position BFG for more expansion and a sustained growth strategy. Bell Financial Group reported NPAT down 24.2% to $6.34m for the half-year ended 30 June 2011. Revenues from ordinary activities were $87.02m, down 2.5% from the same period last year. Diluted EPS was 2.4 cents compared to 3.3 cents last year. The net operating cash outflow was $16.34m compared to an inflow of $20.48m in the pcp. The interim dividend declared was 2 cents compared with 2.5 cents last year.