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.
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.
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
