EQT records slight profit growth

Equity Trustees Limited (EQT) has recorded a slight profit growth, up to $8.4 million for the 2012 financial year, following the incorporation of its aged care advisory business.

It was a slight increase on the $8.2 million in the prior year, which included only two months of the aged care advisory business EQT acquired, as well as some one-off expenses related to the acquisition.

That acquisition is now earnings per share positive, with both business units showing organic revenue growth, EQT stated at its annual general meeting.

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EQT managing director Robin Burns told shareholders at the AGM that the business had taken a number of significant steps in the long-term strategic development of the company.

The company has moved to become an integrated business with centralised support units supporting two revenue units focused on the needs of one of the two client groups - private individuals and corporates, he said.

"The purpose behind these changes is to intensify our focus on growing in the wealth management sector, within the broader financial services industry," he said.

Burns said that although business conditions remained subdued, market volatility would continue and the financial services sector was shedding jobs.

The demand for the products and services EQT provides was likely to continue to increase due to demographic reasons and the increase in the superannuation guarantee, he said.

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