Groupworks Financial reports surge in 2007 net loss

Groupworks Financial has reported a net loss of C$414,214 for the twelve months ended August 31, 2007, an increase as against the net loss of C$25,754 for the same period in 2006.

For the three and twelve months ended August 31, 2007, Groupworks Financial’s
revenue was C$1,082,880, and C$3,848,206 respectively. EBITDA for the quarter period was -C$79,436 while EBITDA for the twelve months period was $376,531 or 9.8%.

Derrick March, CEO of Groupworks Financial, said: We are pleased to report that Groupworks’ operating margins proved strong at 30% for the year. This performance is consistent with our goal of acquiring operations which have margins greater than 25%, and is supportive of Groupworks’ mission of consolidating the independent benefits and pension marketplace in Canada.