In figures reported to ASIC, Finsbury Green Pty Ltd (FG P/L) posted revenues of $44.6m for the year ending 30 June 2010, up 68% from $26.6m in the 2008/09 financial year.

The entity reported a loss of $25,636 for the full year, down from $3.46m in 2008/09.

However, managing director Peter Orel (pictured) told ProPrint that the FG P/L results did not reflect the performance of the group as a whole.

“FG is large corporate private group that consists of entities other than FG P/L. FG P/L is one entity within the FG group, and as such the reported financial results of this one company do not provide a reasonable perspective of the group’s overall financial performance,” he said.

Orel would not give specifics on what caused the 68% revenue jump over the year.

“During the year ended 30 June 2010, some of the entities were integrated within FG P/L. However, it is noted that several very substantial entities within the broader FG corporate group are not required to be included in the consolidated financial results of FG P/L,” he said.

Orel described the year as “particularly challenging” for the company as a whole.

“Given prevailing economic conditions, we are satisfied with the performance of the FG group,” he said.

The directors’ report also noted that results “revealed trading conditions were difficult with downward pressure on margins”.

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