Australian Unity boosts profit
Australian Unity Limited has reported healthy profit growth for the first half of the financial year, reflecting the ongoing expansion program undertaken by the group.
AusUnity reported a profit after tax of $11.2 million for the half-year ended 31 December 2012, up from $5.9 million for the same period last financial year.
Group managing director Rohan Mead said the result reflected the company's investment in growth opportunities.
"The ongoing expansion and planned diversification of our activities and an improved investment market have been the significant factors underpinning the group's increased revenue compared to the corresponding period one year ago," Mead said.
Revenue and other income had a $99 million increase year-on-year to $585 million, but the highlight for the half-year was the positive contribution from advisory business Australian Unity Personal Financial Services.
Revenue coming from the advice business increased by 122 per cent to $16 million, which the group attributed to the acquisition of Certainty Financial and the recruitment of established practices.
Furthermore, funds under advice reached $2.21 billion.
"This was Personal Financial Services' first positive contribution to group results, in line with planned investments by the group over a number of years," the group stated.
Mead added the finalisation of the merger of Lifeplan Building Society with Big Sky Credit Union in March 2012 also positively impacted the half-year result.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina break down the spike in inflation numbers and what it means for the possibility of a rate cut as we move into the new year.
In this episode of Relative Return Insider, host Keith Ford and AMP economist My Bui explore Prime Minister Anthony Albanese’s trip to the US and the critical minerals deal stemming from his meeting with President Donald Trump.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
